In 2004, Zimbabwe’s inflation was 624 %
In February 2007, the central bank of Zimbabwe declared inflation "illegal", outlawing any raise in prices on certain commodities between March 1 and June 30, 2007. Officials arrested executives of some Zimbabwean companies for increasing prices on their products. Such measures, frequently tried during other episodes of hyperinflation, have always failed. In March 2007, inflation surged to a new high of 1,730%, and in June the government released a figure of 7,638%. The predictions for the annual inflation ranged from 3,000% (according to the IMF) to 8,000%. In fact, inflation that month rose to 11,000% from an earlier estimate of 9,000%. U.S. ambassador Christopher Dell predicted it would reach 1.5 million percent by December 2007, although in the event the IMF estimated a rate of "only" 115,000% for that month, and 150,000% for January 2008. The government then circulated a Z$200,000 note, and reports of extreme shortages of basic foodstuffs, fuel, and medical supplies abounded. The government instituted a six-month freeze on wages on September 1, 2007. Hyperinflation in Zimbabwe began shortly after destruction of productive capacity in Zimbabwe's civil war and confiscation of white-owned farmland. Food output capacity fell 45 %, manufacturing output 29 % in 2005, 26 % in 2006 and 28 % in 2007, and unemployment rose to 80 %. During the height of inflation from 2008–09, it was difficult to accurately account and monitor for Zimbabwe's hyperinflation because the government of Zimbabwe stopped filing official inflation statistics. This cessation in filing made it difficult to accurately observe how severe inflation was in the country. However, Zimbabwe's peak month of inflation is estimated at 6.5 sextillion percent in mid-November 2008. In 2009 Zimbabwe abandoned its currency; at present in 2012 a new currency has yet to be introduced, so currencies from other countries are used.
Hanke Hyperinflation Index for Zimbabwe (HHIZ)
| Date | Index | Monthly Inflation Rate | Annual Inflation Rate |
|---|
| 5-Jan-07 | 1.00 | 13.70% | |
| 2-Feb-07 | 1.78 | 77.60% | |
| 2-Mar-07 | 3.14 | 76.70% | |
| 5-Apr-07 | 6.90 | 56.20% | |
| 4-May-07 | 6.75 | -2.15% | |
| 1-Jun-07 | 20.70 | 207.00% | |
| 6-Jul-07 | 53.00 | 60.40% | |
| 3-Aug-07 | 49.10 | -7.29% | |
| 7-Sep-07 | 82.50 | 70.60% | |
| 5-Oct-07 | 219.00 | 165.00% | |
| 2-Nov-07 | 642.00 | 193.00% | |
| 28-Dec-07 | 2,010.00 | 61.50% | 215,000% |
| 25-Jan-08 | 2,250.00 | 11.80% | |
| 29-Feb-08 | 8,260.00 | 259.00% | |
| 28-Mar-08 | 17,700.00 | 115.00% | |
| 25-Apr-08 | 57,100.00 | 222.00% | |
| 30-May-08 | 442,000.00 | 498.00% | |
| 26-Jun-08 | 23,600,000.00 | 5,250.00% | 41,400,000% |
| 4-Jul-08 | 49,200,000.00 | 3,740.00% | 93,000,000% |
| 11-Jul-08 | 81,800,000.00 | 2,080.00% | 167,000,000% |
| 18-Jul-08 | 122,000,000.00 | 1,030.00% | 250,000,000% |
| 25-Jul-08 | 157,000,000.00 | 566.00% | 317,000,000% |
| 29-Aug-08 | 6,330,000,000.00 | 3,190.00% | 9,690,000,000% |
| 26-Sep-08 | 794,000,000,000.00 | 12,400.00% | 471,000,000,000% |
| 3-Oct-08 | 3,570,000,000,000.00 | 15,400.00% | 1,630,000,000,000% |
| 10-Oct-08 | 32,300,000,000,000.00 | 45,900.00% | 11,600,000,000,000% |
| 17-Oct-08 | 1,070,000,000,000,000.00 | 493,000.00% | 300,000,000,000,000% |
| 24-Oct-08 | 124,000,000,000,000,000.00 | 15,600,000.00% | 26,100,000,000,000,000% |
| 31-Oct-08 | 24,600,000,000,000,000,000.00 | 690,000,000.00% | 3,840,000,000,000,000,000% |
| 7-Nov-08 | 4,890,000,000,000,000,000,000.00 | 15,200,000,000.00% | 593,000,000,000,000,000,000% |
| 14-Nov-08 | 853,000,000,000,000,000,000,000.00 | 79,600,000,000.00% | 89,700,000,000,000,000,000,000% |
Sources: Imara Asset Management Zimbabwe and author’s calculations
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