The good news – Zimbabwe’s official inflation rate is down by nearly a thousand percentage points.
The bad news – the official inflation rate in this African nation is still a whopping 6,592.8%. Independent economists peg the real inflation rate many times higher than the official rate.
Zimbabwe has the highest inflation rate in the world with prices of essential goods sometimes increasing several times a day.
In May 2006, the New York Times wrote that a single sheet of toilet paper (no, not a roll) in the country’s capital Harare cost Zimbabwean $417 while a bag of potatoes was going for $700,000 in the local currency.
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