The reports have frequently cited an inflation rate of 2,000,000% a year.
166,666% a month.
38,461% a week.
5,479% a day.
228% an hour.
Almost 4% a minute.
If it takes you 10 minutes to drink a cup of coffee, and the price was 1 Zimbabwe dollar when you bought it, a second cup costs $1.42 or so. That's at breakfast at 8. By noon it costs $2,700 dollars.
(The real reason that they devalued the currency is because the company that provides their paper for printing has stopped shipments.)
No one there is using cash. It is worthless. I'd venture to say that if inflation passes 1,000%, cash becomes an almost useless trading medium.
(Imagine purchasing a defective product, and trying to return it....)
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branchandroot
no subject
Date: 2008-08-01 02:06 pm (UTC)166,666% a month.
38,461% a week.
5,479% a day.
228% an hour.
Almost 4% a minute.
If it takes you 10 minutes to drink a cup of coffee, and the price was 1 Zimbabwe dollar when you bought it, a second cup costs $1.42 or so. That's at breakfast at 8. By noon it costs $2,700 dollars.
(The real reason that they devalued the currency is because the company that provides their paper for printing has stopped shipments.)
No one there is using cash. It is worthless. I'd venture to say that if inflation passes 1,000%, cash becomes an almost useless trading medium.
(Imagine purchasing a defective product, and trying to return it....)