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Africa

2006 – Inflation reaches all time high

Year-on-year inflation exceeds 1,000 percent, the highest in the world according to International Monetary Fund. New banknotes, with three noughts deleted from their value, were introduced in August.

A loaf of bread would cost between Z$80,000 - Z$110,000 (79 cents - $1.08, 60 euro cents – 82 cents) up from around Z$7,500, when the price was controlled by the government.

Essential services were cut off in some towns as the government could not afford to pay for basics commodities such as electricity and water. Boycotts in almost every sector of the public service were seen and riots ensued. Riot police disrupted demonstrations planned by the National Constitutional Assembly (NCA) against the government's handling of the economic crisis.

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