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March 28, 2008

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Stupid Equity Guy

(stolen from FT Alphaville)

Latest from Zim: Inflation at 164,900%

As the ZANU-PF meets to contemplate a presidential run-off, the latest economic data is in. According to Zimbabwe’s central statistics office, inflation accelerated to 164,900 per cent in January, from 100,580 per cent the months before.

As these levels, the rise in practical terms is academic. But the chart below, drawn up by Renaissance, shows that even by Zimbabwe’s sky-high standards this is something else.

They note that the escalating inflation is “entirely due to the continued printing of money by the reserve bank, against the backdrop of ever-scarcer goods and services.” There remains speculation that the official numbers may underestimate the true rate of prices rises - though the month-on-month numbers, arguably a closer real approximation to what’s happening on the ground, remain volatile. As the country approaches full effective dollarisation, Renaissance adds:

…we think a second round of elections would have serious implications for the collapsing economy, and reinforce inflationary pressures.

Related links
Zimbabwenomics: election edition - FT Alphaville

check out the chart on their inflation...

http://alphaville.ftdata.co.uk/lib/inc/getfile/1020.jpg

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