Zimbabwe Inflation at 100,000 Percent

(Harare, Zimbabwe) Undeterred by the Central Statistical Office report, President Robert Mugabe is likely proud of his socialist country.

Unfortunately, the government-controlled economic system must need more time to get healthy.

Zimbabwe's annual inflation rate has soared to more than 100,000 per cent, according to official figures. [ ... ]

The southern African country's economy has been in a tailspin for the past seven years, characterised by shortages of basic commodities such as sugar, cooking oil and petrol.

While the products are readily available on a burgeoning black market, many Zimbabweans have resorted to buying their essentials from neighbouring countries such as Botswana, South Africa and Zambia.

At least 80 per cent of the population are living below the poverty line, often skipping meals to stretch their income, which frequently fails to cover basic needs.

To curb the inflation, both price controls and knocking zeroes off the country's currency have been tried without success. Well, duh! Price controls never work. They create shortages. Knocking zeroes off the currency doesn't do much more than create a math problem.

Interestingly, from a nuts and bolts perspective, the problems in Zimbabwe are rooted in the same socialist wealth-distribution policies that are being advocated by the Democrat candidates for President of the United States. Just lovely.