Zim’s Annual Inflation Is Actually 69.9 Percent, Not 4.8 Percent: Prof Steve Hanke

Acclaimed economist and currency expert, Steve Hanke, who is a professor of Applied Economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University in Baltimore in the United States has said that Zimbabwe’s annual inflation is actually 69.9 percent and not the official 4.83 percent. Speaking to The Standard, Hanke said,

At present, Zimbabwe’s annual inflation rate, by my measure, is 69,9%. I measure the inflation rate daily by using high-frequency data. At elevated inflation rates, the method I use, which is based on purchasing power parity (PPP), is very accurate.

It measures the rate of overall inflation for all goods, services, and assets in Zimbabwe. In short, my ‘basket’ includes everything. The PPP methodology, with the application that I use, is recognised in scholarly literature as the most accurate way to measure inflation in ‘high’ inflation countries.

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