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09.10.2008 Zimbabwe

Zimbabwe inflation hits new high

By myjoyonline
Zimbabwe inflation hits new high

Zimbabwe's annual inflation rate - already the world's highest - has soared to 231,000,000%, newly released official figures show.

The rise - from 11,200,000% - was largely due to increases in the prices of bread and cereals.

A landmark power-sharing deal between President Robert Mugabe and opposition leader Morgan Tsvangirai has not eased the country's economic crisis.

The UN estimates that two million people are in need of food aid.

In September, it was agreed that Mr Mugabe - Zimbabwe's leader for three decades - would remain president while Mr Tsvangirai would become prime minister.

But the two sides cannot reach agreement on the make-up of the new cabinet.

Critics of Mr Mugabe say he triggered the economic crisis by seizing white-owned farms for land redistribution.

Mr Mugabe blames Western sanctions which target him and his chief supporters for wrecking Zimbabwe's economy.