Zimbabwe's inflation hits 300%: Suffering from highest rate in world

Zimbabwe's inflation hits 300%: Suffering from highest rate in world

- The International Monetary Fund has announced that Zimbabwe's inflation rate has reached 300% for 2019

- The African nation currently has the highest rates of inflation in the world

- The rate has nearly doubled since June this year in the wake of a collapsing currency

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Zimbabwe continues to face a grim situation, at least as far as the economy is concerned.

BusinesLIVE reports that the African country is currently suffering from 300% inflation as of August, with the IMF confirming the situation after a mission to the nation.

This has been largely spurred by a collapsing currency, which has fallen in value despite attempts to reform it in efforts to solve a chronic monetary crisis.

eNCA reports that this has seen the inflation rate in the country reaching the highest level amongst the global community.

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READ ALSO: Grace wins battle with Zimbabwean government over Mugabe's burial

Fears have returned over hyperinflation returning, seeing a similar situation to that of ten years ago when the economy collapsed.

Finance Minister Mthuli Ncube noted that the government would stop publishing inflation figures until 2020 in a bid to allow the statistics agency to collect new information on the new currency.

In other news, Briefly.co.za reported that ex-president Robert Mugabe would be buried this weekend after a spat between his family and the government.

The Mugabe family has had the late politician's final wishes granted, with his funeral expected to take place on Saturday in the village where he was born nearly a century ago.

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Source: Briefly.co.za

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