Inflation hits 1 million percent in Zimbabwe
Associated Press - May 21, 2008 1:13 PM ET
HARARE, Zimbabwe (AP) - A loaf of bread in Zimbabwe now costs as much as a dozen new cars did 10 years ago.
The annual inflation rate in the African nation has risen to more than 1 million percent.
Economic analysts says that unless the rate is slowed, it could be 5 million percent by October.
Some of the prices are mind-boggling. A small pack of locally grown coffee beans is almost 1 billion Zimbabwean dollars. It costs $100 million just to get into a swimming pool. That's about 30 U.S. cents.
Long-time president Robert Mugabe (moo-GAH'-bay), who faces a runoff election next month, accuses the United States, the European Union and Britain of using their economic influence to back his opponents. He has also severed ties with the International Monetary Fund, the World Bank and other financial organizations.
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