Zimbabwe Earns Another Dubious Record: Inflation Rate at Least 231,000,000%

Congratulations are in order for Robert Mugabe. The racist tyrant may have won his country a place in the Guinness Book of World Records by reaching an inflation rate of a staggering 231,000,000%.

Inflation reached 231 million percent a year in July, the latest month for which a figure has been announced. Economists think it is now much higher and say prices are doubling daily.

And you think we've got problems?

Per capita GDP was estimated at $200 in 2007, from nearer $900 in 1990. Zimbabwe has the world's fastest shrinking economy for a country not at war, according to the World Bank.

That $200 just doesn't buy what it used to.

ZIMBABWE’S central bank announced it was introducing $1 billion, $5 billion and $10 billion notes on Friday as the country struggles to cope with the world’s highest inflation and crippling currency shortages.

Only last Friday, the Reserve Bank of Zimbabwe put in circulation a $500 000 note, together with a 200 million dollar bill “for the convenience of the public”.

A week before that, the RBZ introduced a 100 million dollar bill that at the time was worth US$14. Three weeks later, it's worth less than 50 cents.