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Zimbabwe inflation soars to 782 per cent

HARARE: Inflation for the 12 months to February soared to an all-time high of 782 per cent in Zimbabwe, the Central Statistical Office has announced.

In a broadcast on Saturday, state radio said prices rose 27.5 per cent during the month of February alone, with an average family of five needing Zimbabwean $9 million (U.S. $90) at the official exchange rate, just to meet basic food needs.

Trade unions say that those still in formal employment — about 20 per cent of the work force — were earning an average of Z$5 million to Z$6 million (U.S.$50-U.S.$60) a month. Workers on formerly white-owned commercial farms, by contrast, were receiving as low as Z$300,000 (U.S.$3) a month from their employers, many of them beneficiaries of President Robert Mugabe's ``fast track'' land redistribution programme.

Farm production, exports and the value of the Zimbabwean dollar, worth U.S.$2 at 1980 independence, went into free fall after Mr. Mugabe ordered seizure of 5,000 farms in February 2000. United Nations agencies say 3 million Zimbabweans are now dependent on international food relief.

The country was for many years a major food exporter.

Moffat Nyoni, acting director of the Government-run Statistical Office, said soaring rentals were a significant factor while prices of food and non-alcoholic beverages rose 824 per cent in the 12 months to the end of February 2006. — AP

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