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Zimbabwe's Annual Inflation Nears 4,000%

Inflation figures released by Zimbabwe's Central Statistical Office, Thursday, place the country's annual inflation rate at a record 3,714%, as the cost of living doubled in a single month.

The CSO, which had delayed releasing the April inflation figures, announced that prices jumped by 100.7% last month, after a 50,5% rise in March, when inflation hit the 2,200% mark.

The CSO said inflation accelerated due to rising costs of food, electricity, fuel and commuter transport fares.

In a fresh attempt to curb inflation and bring it down to single digit levels, the state owned Herald newspaper reported Thursday, that president Robert Mugabe, who's government has called inflation the country's number one enemy, has approved a new pricing and incomes law, which was gazetted on Tuesday.

The law allows for the creation of an incomes and pricing commission to monitor and control prices and incomes.

But economics lecturer Tony Hawkins of the University of Zimbabwe Graduate School of Management, told reporter Blessing Zulu of VOA's Studio 7 for Zimbabwe, that the commission will not reduce inflation, but instead clampdown on business leaders.

Further, director Godfrey Kanyenze of the Labor and Economic Development Research Institute, also told reporter Blessing Zulu that inflation may top 10, 000 % by early 2008.

More reports from VOA's Studio 7 for Zimbabwe...