Inflation in Zimbabwe Jumps 9,000,000% in June to 11,250,000%


?

.

The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).

However, experts believe the actual rate of inflation may be MUCH
HIGHER.

Zimbabwe is in the midst of a dire economic crisis with unemployment
at almost 80%, most manufacturing at a halt and basic foods in short
supply.

High money supplies have also been fuelling hyperinflation. Critics
have accused President Robert Mugabe's government of printing money to
finance his election campaign and prop up the economy. Month-on-month
inflation in the country accelerated to 839.3% from 433.4%.

Chaos

"Our inflation figures are way above that, but what it tells us is
that the productive base of the economy has really shrunk," said one
unnamed economist at a domestic bank.

WE REALLY NEED TO CHANGE THE WAY WE DO BUSINESS" he added.

Zimbabwe, once one of the RICHEST COUNTRIES IN AFRICA, has descended
into economic chaos largely blamed on the policies of President
Mugabe.

Mr Mugabe has denied he is ruining the economy, laying the blame
instead on international sanctions he says have been imposed against
Zimbabwe.

Since his controversial re-election in June, Mr Mugabe has been in
talks about a power-sharing deal with the opposition party, the
Movement for Democratic Change (MDC).

However, the two side have shown no sign of coming to an agreement and
the country's economic situation has been worsening.

'Economic emergency'

Earlier this month, Zimbabwe's central bank chief called for a six-
month freeze on prices and wages in a bid to rein in spiralling
inflation.

"Zimbabweans must realise that the country is in a practically binding
state of socio-economic emergency," Reserve Bank governor Gideon Gono
said.

"As such, there is need for a universal moratorium on all incomes and
prices for a minimum period of six months," he added.

His comments came weeks after the bank revalued its currency in an
effort to curb hyperinflation - lopping 10 zeros off the Zimbabwe
dollar making 10bn dollars now equal to one dollar.

But the move had little effect on strengthening the currency, which
has since weakened from the Z$6 level againt the US dollar to around
the Z$18 mark.

http://news.bbc.co.uk/2/hi/business/7569894.stm
 
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J

John of Aix

.. said:
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).
I reckon there is a good business for some clever Zimbabwean to sell
Zimbabwe notes on Ebay, I'd pay a few Euros for a billion dollar bill
and he'd make a great profit.

Of course someone might be doing it already, I don't use Ebay, perhaps
I'll have a look
 
M

Martin

. said:
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).
What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!
 
J

John of Aix

Martin said:
What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!
Quite. By the time he's finished the calculation it'll be totally wrong.
 
T

tim.....

John of Aix said:
Quite. By the time he's finished the calculation it'll be totally wrong.
Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even bother
to accept it?

tim
 
SS

ßDoüg±Ç

tim..... said:
Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even
bother to accept it?

tim
I'll bet everyone makes at least a six figure income!
 
J

John of Aix

tim..... said:
Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you
get to the shops to spend the money it is worthless. Why does
anybody even bother to accept it?
They always said that this was the case during the German Weimar
republic (I don't know if it is true as I wasn't there) and that people
were paid by the hour then rushed down to the shops with wheelbarrows
full of notes to buy their bread.
 
A

abelard

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even bother
to accept it?
in socialism you do as you're told...and praise the leader...

--
web site at www.abelard.org - news comment service, logic, economics
energy, education, politics, etc 1,552,396 document calls in year past
--------------------------------------------------------------------------------
all that is necessary for [] walk quietly and carry
the triumph of evil is that [] a big stick.
good people do nothing [] trust actions not words
only when it's funny -- roger rabbit
--------------------------------------------------------------------------------
 
T

Tim

At these rates of inflation, if you are paid today by the time
you get to the shops to spend the money it is worthless...
Pah - it's only just over 3% per day. How many
days does it take them to get to the shops?
 
P

PeterSaxton

Pah - it's only just over 3% per day.  How many
days does it take them to get to the shops?
Over 31% per day not 3%.

It's not so much getting to the shops - it's waiting in the queue as
well.
 
S

Saint Slobba of Serbia

. said:
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).
So it was 2 million percent in May, and 9 million percent in June? That's a
350% improvement in real terms, if you think loke a soul brother. Bravo,
Zimbabwe! Cast aside the shackles wot the white man put upon you and show
him how things are s'posed to be run. Three cheers for the black struggle.
Hip, hip, oh **** it.

SM
 
R

Ronald Raygun

PeterSaxton said:
Over 31% per day not 3%.
Here we go, here we go, here we go, you just can't stop
calling Tim a liar, can you?

You know what they say about football fans? Very few of them
understand percentages and exponentiation. Accountants are not
immune from this rule, unless and until they ditch football
supporting and instead take up something more becoming their
social position, like fishing, or going to the ballet.

Now I know that when you claim 22% of football spectators are
female, the true figure is probably nearer 2%. :)

31% per day would amount to a mind blowing (6 raised to the
power 44) percent per year, while 3% per day is in the right
ballpark, working out at around 5 million %pa.

The two quoted rates of 2.23 M%pa and 11.25 M%pa correspond to
about 2.78 %pd and 3.24 %pd respectively, both of which are
"about 3%", so although 11M looks significantly worse than 2M,
this "9 million percent jump" is just media hype suggesting
there has been a "sea change" whereas all that's happened is that
the daily rate has gone up by about a sixth.
 
R

Ronald Raygun

Ronald said:
31% per day would amount to a mind blowing (6 raised to the
power 44) percent per year,
Oops, of course I meant 6E44, or 6 x 10^44,
i.e. 6 times ten raised to the power 44.
 
P

PeterSaxton

Here we go, here we go, here we go, you just can't stop
calling Tim a liar, can you?
Did I call him a liar above?
You know what they say about football fans?  Very few of them
understand percentages and exponentiation.  Accountants are not
immune from this rule, unless and until they ditch football
supporting and instead take up something more becoming their
social position, like fishing, or going to the ballet.

Now I know that when you claim 22% of football spectators are
female, the true figure is probably nearer 2%.  :)
I didn't calculate it myself. It was from a survey.
31% per day would amount to a mind blowing (6 raised to the
power 44) percent per year, while 3% per day is in the right
ballpark, working out at around 5 million %pa.

The two quoted rates of 2.23 M%pa and 11.25 M%pa correspond to
about 2.78 %pd and 3.24 %pd respectively, both of which are
"about 3%", so although 11M looks significantly worse than 2M,
this "9 million percent jump" is just media hype suggesting
there has been a "sea change" whereas all that's happened is that
the daily rate has gone up by about a sixth.
I agree that I used the wrong method but when Tim came out with 3% it
looked like he'd got the decimal point in the wrong place. If the
inflation rate is 11,250,000% per year then the daily rate is well
over 4.5%.
 
R

Ronald Raygun

PeterSaxton said:
Did I call him a liar above?
Explicitly? No, you didn't actually use the L word.
Implicitly? Yes, by alleging he was wrong (and therefore being
untruthful) when he said it was 3% per day.

Lighten up, will you? It was a joke.
I didn't calculate it myself. It was from a survey.
I didn't expect a precise count, just an account of your general
impression. When you look around, does it really seem like 1 in 5?
I agree that I used the wrong method but when Tim came out with 3% it
looked like he'd got the decimal point in the wrong place. If the
inflation rate is 11,250,000% per year then the daily rate is well
over 4.5%.
No it isn't, 4.5% per day would be 950 million percent per year,
because 1.045 ^ 365 is 9.5 million.

You forgot to divide the eleven million by 100 first.
11,250,000 M%pa is 3.438 %pd because 112,501 ^ (1/365) is 1.03438.
 
T

Tim

Tim said:
Explicitly? No, you didn't actually use the L word.
Implicitly? Yes, by alleging he was wrong (and therefore
being untruthful) when he said it was 3% per day.
Exactly. Peter - where's your apology?!
No it isn't, 4.5% per day would be 950 million
percent per year, because 1.045 ^ 365 is 9.5 million.
You can't expect Peter to get things right -
he's always too busy saying everyone else is
incompetent, to actually get things right himself!
 
T

Tim Woodall

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even bother
to accept it?
http://en.wikipedia.org/wiki/Hyperinflation

See the picture, top right.

1923 Weimar Republic inflation: A German woman feeding a stove with
Papiermarks, which burned longer than the amount of firewood people
could buy with them.

Tim.
 
P

PeterSaxton

Explicitly?  No, you didn't actually use the L word.
Implicitly?  Yes, by alleging he was wrong (and therefore being
untruthful) when he said it was 3% per day.
Being wrong doesn't make somebody a liar. It has to be deliberate.
Lighten up, will you?  It was a joke.
Phew! That's a relief.
I didn't expect a precise count, just an account of your general
impression.  When you look around, does it really seem like 1 in 5?
It seems a lot more like 1 in 5 than 1 in 20.
No it isn't, 4.5% per day would be 950 million percent per year,
because 1.045 ^ 365 is 9.5 million.

You forgot to divide the eleven million by 100 first.
11,250,000 M%pa is 3.438 %pd because 112,501 ^ (1/365) is 1.03438.
I make it less than 3.24% per day.
 
P

PeterSaxton

Exactly.  Peter - where's your apology?!
Maybe the same place where I said you were a liar.
You can't expect Peter to get things right -
he's always too busy saying everyone else is
incompetent, to actually get things right himself!
Now that is a lie.

I think I'll judge you on your insistence that bank reconciliations
are unnecessary along with the examples of you lying that I have
proved.

Don't expect to look forward to enjoying an argument because I'm not
interested.
 
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R

Ronald Raygun

PeterSaxton said:
I make it less than 3.24% per day.
So do I, 3.238%, I don't know where the 4 came from.
Should have gone to Specsavers.
 

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