According to ZIMSTAT, the government agency tasked with coming up with statistics in Zimbabwe, the annual inflation rate rose to 175% up from 97% in May.
This is the highest inflation rate we have had in Zimbabwe ever since we adopted the multicurrency system. A system which the government has since ditched as they embraced the Zimbabwean dollar as the sole currency to be used in the country. This has brought back memories of 2008 for most people.
ZIMSTATS also observed that consumer price index rose to 39.26% in June compared to 12.54% in May. If the figure continues to rise and reach the monthly 50% figure, that would mark the start of hyperinflation.
The fact that the government continues to be apathetic when it comes to dealing with high profile corruption cases has not helped. This has seen Zimbabwe being lowly ranked in business indices.
