This article shows how low the economy has sank in Zimbabwe. Inflation has been sky-high for a long time now but it seems new heights are always being reached.
According to the IRIN article:
"A loaf of bread costs Z$100 billion at the official rate, a kilogramme of meat Z$450 billion, (around US$5.60) and a half-litre sachet of milk sells for Z$200 billion (about US$2.50)."
Just a few days ago in July 19, Zimbabwe's Central Bank released $100 billion notes, actually "bearer checks". This is a rapid increase from earlier this year in January, when it issued bills in denominations of $1 million, $5 million, and $10 million -- and then in May, bills from $25 million and $50 million up to $25 billion and $50 billion.
The IRIN article also says that the official inflation rate is at 2.2 million percent and rising every day. What this means is that money is constantly depreciating so that what may cost, say $10 million today may cost $15 million Friday. The casual labourer quoted in the article tells of having to line up outside the bank for 4 hours to withdraw $100 billion, the daily limit imposed by Zimbabwe's Reserve Bank, and that he will have to come back the next day to do the same because of fears the money will depreciate even more, not to mention the fact that he will need more money because the $100 billion withdrawn will not last more than a few days.
