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Zimbabwe Inflation (update)



 
 
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  #71  
Old May 26th 08, 07:02 PM posted to rec.collecting.stamps.discuss
Michael G. Koerner
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Posts: 407
Default Zimbabwe Inflation (update) - Inflation hits one million percent

David French wrote:
Inflation hits one million percent as prices continue to skyrocket
OK, are we hitting the Hungary mark yet?

....
Don't know. What was their year over year inflation?
I guess that's where I'm lacking - the info to compare. We've posted
stuff here, but didn't catch the gist of it mathematically when
posted. Hey, I'm math challenged but logic endowed.

If you have 100% inflation, and something costs $1, at the end of one year it will
cost $2.
Zimbabwe now has 1,000,000% inflation. If something costs ZIM$1, at the end of
one year it will cost ZIM$10,001.
Hungary had inflation of 4.19E16 % every month. If something costs 1 Pengo, at
the end of one year it will cost approximately
29,000,000,000,000,000,000,000,000,000,000,000,000 ,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000 Pengos.
If Zimbabwe is trying to set a new world's record for hyperinflation, they'll have
to keep trying a while longer.

Ryan


So basically, they couldn't print the zeros fast enough to keep up!

What a nightmare. I thought that 15% inflation in the 1970's was
scary, here in the UK!


Towards the end, they were issuing banknotes with strange word prefaces before
'Pengo' and letters in their corners and each new design was worth 100 or 1000
of the previous ones.

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
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  #72  
Old May 31st 08, 03:04 PM posted to rec.collecting.stamps.discuss
Blair (TC)
external usenet poster
 
Posts: 2,199
Default Zimbabwe Inflation (update) - Inflation hits 1.7 million percent



As of last Monday, you got $500 Million Zim $ for 1 $US. As of this
coming Monday
you should get $1 Billion Zim $ (12 zeroes) for 1 $US.
http://www.zimbabwesituation.com/may30b_2008.html#Z5


Inflation Shocker: 1 700 000%

Zim Independent

Business
Thursday, 29 May 2008 21:16
ANNUAL inflation for May galloped to 1 700 000% as the Zimbabwean
dollar continued to crash causing prices of goods and services to
skyrocket.

A top official in the Ministry of Finance told businessdigest that
government has now forecast the figure to reach between 1 800 000% and
2 000
000% for the month of May.

May inflation rose by 961 396 percentage points from the April figure
of 732 604% to 1 694 000%.
The 1 694 000% was for the CSO’s inflation computations for the period
from May 1 to May 23.

Non-alcoholic beverages and cereals continued to be the major drivers.

The official said the Central Statistical Office (CSO) had been
conducting weekly computations of inflation for the entire month of
May.

“They have computed weekly moving averages on the figure,” the
official said.
“Last week the figure was 1 694 000% and this week we expect it to hit
2 000 000%. We will only know next week when they compile data for
this
final week of May.”

The annual inflation figure for March stood at 355 000% while that for
February was 165 000% but the CSO insists that even these figures were
not
official.

“As government, our reasonable approximation for June now stands at
not less than 4 000 000% and not more than 5 000 000%,” the official
said.

The weekly moving inflation figure for the first week of May was 1 200
000% according to the source.
However, CSO acting director Moffat Nyoni disputed the figures this
week saying inflation figures for May had not yet been computed.

Nyoni insisted that the CSO was experiencing problems with the
availability of products which affected the consumer basket used to
calculate inflation.

He also said the CSO was yet to compute inflation figures for April
despite the removal of duty on food imports.

“The number of observations we use have been affected,” Nyoni said.

“It has gone down and this affects the strength of our figures which
will be very weak. Inflation is nowhere near that figure. We have a
time lag
and the May data will be available late in June.”

Nyoni however conceded that the figure for March stood at 355 000%
saying it had been leaked. He said the figure was not officially
released.

businessdigest broke the story on March inflation figures two weeks
ago with Nyoni strenuously denying the figures were true.

“The March figure was leaked out,” Nyoni said. “I would not like to
comment on your figures. In the past, people have come up with their
own
baskets and inflation figures. I would not recommend the use of these
as
they don’t pass the test.”

Economists and the business community said they believed inflation for
May would end the month closer to 2 000 000%.
“It is impossible for inflation to end the month at less than 2 000
000%,” said businessman David Govere.
“Our calculations show that inflation has already surpassed 1 600 000%
in recent weeks.”

Economist John Robertson said his estimates for May year-on-year
inflation had been 1 800 000%.
“My projections had placed inflation at 1 800 000% for May,” Robertson
said.
“It seems I was not far off the mark.”

Zimbabwe National Chamber of Commerce president Marah Hativagone said
the chamber believed the latest inflation figures are accurate.

“We think they are very approximate,” Hativagone said. “Whoever is
computing those figures must be using what is on the ground. Unlike
official
CSO figures which are released and far from reality, these figures
reflect a
basket of commodities that are available.”

Inflation has continued to rise steeply on the back of increased money
supply, spiralling domestic debt, declining production and scarcities
of
foreign currency and food.

The Reserve Bank of Zimbabwe has been accused of injecting huge and
unsustainable amounts of local currency into official circulation
causing
inflation to skyrocket.

Several listed companies whose financial years ended between February
29 and March 31 now face suspension if they fail to release
inflation-adjusted results owing to the CSO’s failure to release
inflation
figures.

There now appears to be no respite for the general public, as prices
of goods continue to rise. Companies have been pushing up their prices
in
line with the deregulated inter-bank exchange rate.

The Zimbabwean dollar was this week trading at US$1:$620 million, up
from US$1:$480 million last week.

A loaf of bread which was selling for $180 000 earlier this year is
now going for around $280 million in most shops. It is going for
between
$400 million and $450 million on the black market. A 2kg packet of
sugar
which was pegged at $7 million is now selling for $700 million.

A kilogram of meat which was at $30 million is now selling for between
$1,5 billion and $2,5 billion.
A 750 grammes bar of soap which at the beginning of the year was $2
million now calls for one to fork out $1,8 billion. In January, a
packet of
fresh milk was selling at $1,3 million. The same packet now sells for
$190
million, while a kilogramme of salt which was selling for less than $2
million is now pegged at $440 million.

By Kuda Chikwanda
  #73  
Old June 28th 08, 02:09 AM posted to rec.collecting.stamps.discuss
Blair (TC)
external usenet poster
 
Posts: 2,199
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 millionpercent - expected to hit 10.5 million % by the end of June



On 26 June 2008, the Zim Independent reported that, latest figures
from
the Central Statistical Offices (CSO) showed that annual inflation
rose
by 7,336 000 percentage points to 9,030,000% by June 20 and was set
to end the month at well above 10,500,000%.

With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?

http://goldnews.bullionvault.com/files/Infl5.png
http://goldnews.bullionvault.com/files/Infl3.png

A 500,000,000,000 (500 billion) Yugoslav dinar banknote circa 1993,
the
largest nominal value ever officially printed in Yugoslavia, the final
result
of hyperinflation
http://goldnews.bullionvault.com/files/Infl10.png

The Hungarian National Bank has the dubious honour of circulating
the largest denomination banknote – that being the 100 quintillion
pengo
http://goldnews.bullionvault.com/files/Infl4.png


Blair
  #74  
Old June 28th 08, 04:46 AM posted to rec.collecting.stamps.discuss
[email protected]
external usenet poster
 
Posts: 2,049
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 million percent - expected to hit 10.5 million % by the end of June

On Fri, 27 Jun 2008 18:09:20 -0700 (PDT), "Blair (TC)"
wrote:


If the Mugabe situation, which was supposed to be settled today,
doesn't clear up, we may well hit some serious new record.


On 26 June 2008, the Zim Independent reported that, latest figures
from
the Central Statistical Offices (CSO) showed that annual inflation
rose
by 7,336 000 percentage points to 9,030,000% by June 20 and was set
to end the month at well above 10,500,000%.

With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?

http://goldnews.bullionvault.com/files/Infl5.png
http://goldnews.bullionvault.com/files/Infl3.png

A 500,000,000,000 (500 billion) Yugoslav dinar banknote circa 1993,
the
largest nominal value ever officially printed in Yugoslavia, the final
result
of hyperinflation
http://goldnews.bullionvault.com/files/Infl10.png

The Hungarian National Bank has the dubious honour of circulating
the largest denomination banknote – that being the 100 quintillion
pengo
http://goldnews.bullionvault.com/files/Infl4.png


Blair

  #75  
Old June 28th 08, 01:26 PM posted to rec.collecting.stamps.discuss
Ryan Davenport
external usenet poster
 
Posts: 150
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 millionpercent - expected to hit 10.5 million % by the end of June

With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?


No. Zimbabwe's inflation rate is 10,000,000% per annum. Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.

Ryan
  #76  
Old June 28th 08, 05:19 PM posted to rec.collecting.stamps.discuss
antoine gelat[_2_]
external usenet poster
 
Posts: 51
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 million percent - expected to hit 10.5 million % by the end of June

Can anyone explain how people handled the daily situation at that time?

Tony

"Ryan Davenport" wrote in message
news:t5q9k.31707$kx.25651@pd7urf3no...
With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?


No. Zimbabwe's inflation rate is 10,000,000% per annum. Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.

Ryan


  #77  
Old June 28th 08, 08:47 PM posted to rec.collecting.stamps.discuss
[email protected]
external usenet poster
 
Posts: 2,049
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 million percent - expected to hit 10.5 million % by the end of June

On Sat, 28 Jun 2008 12:26:01 GMT, Ryan Davenport
wrote:

With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?


No. Zimbabwe's inflation rate is 10,000,000% per annum. Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000 ,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,0 00,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,0 00,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.


That may be the sum total peak, but was is sustainable at that level
for *how* long? Since it was changing by the nanosecond, or so it
seems, that is a good question.
  #78  
Old June 28th 08, 08:47 PM posted to rec.collecting.stamps.discuss
[email protected]
external usenet poster
 
Posts: 2,049
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 million percent - expected to hit 10.5 million % by the end of June

On Sat, 28 Jun 2008 11:19:00 -0500, "antoine gelat"
wrote:

Can anyone explain how people handled the daily situation at that time?


Remember all of those really bad horror movies back then?

Seriously, a good question.



"Ryan Davenport" wrote in message
news:t5q9k.31707$kx.25651@pd7urf3no...
With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?


No. Zimbabwe's inflation rate is 10,000,000% per annum. Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.

Ryan

  #79  
Old June 28th 08, 09:27 PM posted to rec.collecting.stamps.discuss
Ralphael1
external usenet poster
 
Posts: 1,053
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 millionpercent - expected to hit 10.5 million % by the end of June

On Jun 28, 8:26*am, Ryan Davenport wrote:
With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?


* * *No. *Zimbabwe's inflation rate is 10,000,000% per annum. *Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.

You gotta be kidding!

Ralphael, the OLD one.

  #80  
Old June 29th 08, 04:04 PM posted to rec.collecting.stamps.discuss
Michael G. Koerner
external usenet poster
 
Posts: 407
Default (RCSD) Zimbabwe Inflation (update) - Inflation hits 9.0 millionpercent - expected to hit 10.5 million % by the end of June

Ralphael1 wrote:
On Jun 28, 8:26 am, Ryan Davenport wrote:
With the Zim Dollar dropping in value to 100 Billion ZWD per 1 US
Dollar
and Inflation of 10 million percent, have we reached the level of post
WWII
Hungary yet?

No. Zimbabwe's inflation rate is 10,000,000% per annum. Hungary's
inflation rate was
2,900,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,
000,000,000,000,000,000,000,000% per annum.

You gotta be kidding!


Prices were doubling every 14-15 _hours_ in Hungary during that time.

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
 




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