Zimbabwe's Inflation Rate has Now Risen to 290 Percent
There seems to be no end in sight for the mounting crises occurring in Zimbabwe.
Zimbabwe has been embroiled in nationwide protests following the announcement of a crippling fuel hike. As if that were not bad enough, it has now been reported by the SABC that the country's inflation rate has now risen to 290 percent, the second-highest in the world after Venezuela.
A few weeks ago, Zimbabweans took to the street to protest against how it is becoming increasingly difficult to eke out a living. Several people died whilst others were wounded in clashes with armed forces. The police and the army exercised what as described by the UN as an 'excessive use of force' and further condemned by other countries.
During these protests, the government also disabled the country's internet and access to social media in an attempt to prevent any information regarding the volatile situation from leaving the country's borders. Whilst the government denied this, mobile network providers Econet and TelOne communicated to their customers that they had been a directive from the government. The internet shutdown was later deemed illegal by the courts.
Due to the shortage of foreign currency in the country, along with the use of the American Dollar and bond notes, the inflation rate has now reached 290 percent. And just to get a sense of just how high this is, Zimbabwe's neighboring country South Africa, currently has an inflation rate of around 4.5 percent - approximately 64 times less that of Zimbabwe.
The hopes that had been pegged on current President Emmerson Mnangagwa after dictator Robert Mugabe stepped down last year, have all but vanished. There is rising concern over his competence with regards to restoring the troubled country to its former glory.