- Zimbabweans are battling against the pressure of hyperinflation with putting food on the table a struggle for most
- As the economy tanks, suppliers of basic commodities reveal consumers view many items as luxuries
-Briefly.co.za explores what the situation is in the embattled African nation
Zimbabwe has returned once more to the undesirable territory of hyperinflation, with citizens feeling the brunt of the situation.
Briefly.co.za reported that locals had faced a crippling price hike in the cost of a simple loaf of bread, and it seems things are only worsening for the neighbouring country.
Fin24 relayed a story of a father doing grocery shopping had panicked at the thought of how he would manage to fund both his family's food and what his son needs for boarding school:
"The prices are unbelievable. That is why I am looking at my phone calculator. I was just calculating if the money I have can buy what I need for my son. Life is just tough now, my brother."
Only earning around R720 a month, the father shared that his son's fees were more than his salary and he had no idea how to pay the bill and survive the month.
The Public Accountants and Auditors Board, who regulates auditing and accounting standards in the region, says the country has returned once more to hyperinflation:
"The PAAB can advise that there is broad market consensus within the accounting and auditing professions that the factors and characteristics to apply the financial reporting in hyperinflationary economies standard (IAS 29), in Zimbabwe have been met."
While the country has put a hold on releasing inflation rates until February, the results of the issue can be seen in the region.
An employee for a company that sells peanut butter, jam and other spreads, says the economy is in shambles:
"Our sales have gone down by a worrying margin. Customers now consider our products as luxuries. The cost of living is now very high. Because of the state of the economy, we have cut on the orders that go into wholesalers. In the past, we used to give them stock that would be stocked in their warehouses."
What used to be a busy wholesaler, is now filled with only a few people, holding empty shopping baskets with many only purchasing the bare minimum such as rice and flour.
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