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August 19th, 2008
Posted: 04:29 AM ET
HARARE, Zimbabwe (CNN) — Zimbabwe’s inflation rate has soared in the past three months and is now at 11.2 million percent, the highest in the world, according to the country’s Central Statistical Office. Official figures dated Monday show inflation has surged from the rate of 2.2 million percent recorded in May, despite the government’s price controls. The country’s finance minister confirmed the new figure in an interview but said the rising inflation rate was not confined to Zimbabwe alone. Once considered the breadbasket of Africa, Zimbabwe has been in the throes of an economic meltdown ever since the country embarked on a chaotic land reform program that has decimated commercial agriculture. |
 
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