Hyperinflation in Zimbabwe has reappeared

Recently, due to the deterioration of the currency crisis and soaring prices, the Zimbabwean people began to rush to hoard their daily necessities. The hyperinflation that caused a devastating blow to the country’s economy ten years ago seems to be making a comeback.

According to reports, inflation rate in Zimbabwe has risen sharply in the past year, with 98% in May this year and 175% in June.

Such inflation is undoubtedly a top-notch for Zimbabweans who have struggled in food, medicine and fuel shortages. The rising prices have reminded them of the economic collapse of a decade ago.

At present, official exchange rate price in Zimbabwe is too far from the black market, which has led to the price increase of some goods has reached 300%. An official of the Zimbabwe General Union said that he met a person and bought a drug and spent the entire month's salary. The previous $95 medicine has now risen to $300, and his monthly salary is only $320: "I asked him what to do next day? He cried."

The recent severe drought that swept through Zimbabwe has brought more difficulties. As the water level of the dam has dropped, power outages have occurred from time to time, and about 7 million people in the country are threatened by hunger. Energy Minister Fortune Chasi said the power situation is a "very, very serious problem." A recent joint report by the Zimbabwean government, the United Nations, etc. shows that some Zimbabwean nationals have begun to sell livestock and land, spend their savings, and children have to drop out of school and start begging on the street. Many people do two jobs at the same time to try to maintain balance. However, the government has raised fuel prices several times at this time, trying to end the subsidy. It is expected that the price will be raised in the next few weeks.

According to the news, Cecilia Alexander, chairman of the Zimbabwe government employee trade union organization, said that the government's austerity plan has now put those who have jobs into poverty. “As a worker, we refuse to be sacrificed,” she said. “We will encourage all civil servants to stand up and protest.” Elizabeth Makazhu, a Zimbabwean,  who sells vegetables at roadside stalls, earns less than $8 a day. She says she often can't afford to eat. "It's expensive to live in the city now. I hope I can bring something home to the children. I don't want them to suffer."

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