Zimbabwe's inflation woes

According to Central Statistical Office statistics, annual inflation rate rose to 231 million percent in July 2008. Central bank attempts to keep pace with hyper-inflation as prices are doubling every day.

Zimbabwe has unveiled a 100 trillion Zimbabwe dollar banknote.

The country's central bank also plans to introduce Z$10tn, Z$20tn and Z$50tn notes.

How bad is inflation in Zimbabwe? Well, consider this: at a supermarket in the capital city, toilet paper costs $417. No, not per roll. Four hundred seventeen Zimbabwean dollars is the value of a single two-ply sheet. A roll costs $145,750.

The above quoted price of toilet paper is from an article in 2006. At the prevailing inflation rate, a single sheet must cost about a million dollars(?) today.

Going out for dinner? Bring a hefty knapsack to carry the more than $1 billion you'll need.




Is America going down that same path...