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Harare - Zimbabwe's annual inflation rate has hit new record high levels surging to 11.2 million per cent in June the central statistics office said in statement on Monday.
Government Central statistical offfice said the annual rate went up by 9 million comma five percentage points as compared to May's 2.2 milllion percent which financial analysts had shot down as under valued.
Despite the introduction of new monetary measures by Zimbabwe's central bank, inflation has continued to surge in an economy faced with critical shortages and an unemployement rate of over 80 percent.
Less than three weeks after slashing of zeros and the introduction of a new currency by the central bank, the Zimbabwe dollar has continued to tumble against major world currencies. One US dollar was of Tuesday trading at ZW$90.
Harare's government has blamed western sanctions for the continued economic
meltdown while western governments blame President Mugabe's populist
policies and his grip on power for the deepening crisis.