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Zimbabwe Struggles with Hyperinflation

When going to a store, Isaiah Macheku prepares for shock.

Hyperinflation is changing prices so quickly in Zimbabwe that the price you see on a store’s window might change by the time you try to pay.

“It is a nightmare,” Macheku said. “I can’t plan.”

Before Robert Mugabe was forced to resign as president in late 2017, Macheku earned about $24 from his wages. He says that was enough money to pay for everything his family needed. Now the same amount can hardly buy 4 kilograms of meat.

Macheku finally decided¹ to buy chicken skin for his family’s dinner. It is the closest his family gets to eating meat.

The International Money Fund (IMF) estimates that Zimbabwe has the second highest inflation in the world, after Venezuela. The southern African nation had high inflation 10 years ago, but hyperinflation is destructive.

Zimbabwe’s economy has been shrinking for more than a year.

“Anyone who thinks a solution is in sight must be very brave,” said economist² John Robertson. “Government officials don’t want to admit the real causes and don’t want to fix the real problems.” He said the real causes include the government spending more money than it has.

When going to stores, money alone is not enough. Notebooks, electronic calculators and mobile phones have become important tools. In one nearly empty market, there were more people taking pictures of the prices than those buying products.

“I sent the pictures to my husband. We have to decide fast before the prices go up again,” said Marianne Hove.

Others did quick price estimates and called home to ask which products to buy.

In other businesses, prices are only available when shoppers line up to pay.

Store owners said they would go out of business if they left prices unchanged.

“It is becoming increasingly impossible to… price goods,” said Denford Muntashu, president of the Confederation of Zimbabwe Retailers³. The situation is “synonymous with hyperinflation,” although the government has stopped publishing inflation numbers, he added.

Some businesses are closing while others are limiting what they sell to reduce risk, he said.

Prices in Zimbabwe are changing faster than at any point in the past 10 years.

In 2009, the value of the country’s currency collapsed⁵ under the weight of hyperinflation. The government then approved a multi-currency system, based mainly on the United States dollar.

This year Zimbabwe’s government made use of dollars and other foreign monies illegal. The local currency has been dropping in value. There is “high inflation, which reached almost 300 percent in August,” the IMF reported last month.

Low public trust in the government, policy uncertainty⁶ and the misuse⁷ of foreign currency are putting pressure on the exchange rate, the IMF said. It added that a lack of rainfall and foreign debt are limiting Zimbabwe’s ability to interest foreign investors⁸.

Most businesses import products because of the collapse⁴ of local industry. Foreign currency shortages and the sharp drop in the local currency’s value are hard on Zimbabwe’s citizens and businesses.

President Mnangagwa continues to appeal for more time.

“Getting the economy working again from being dead will require time, (and) patience,” he said in a state of the nation speech on October 1.

Like Mugabe, the president largely blames U.S. government sanctions for the crisis. U.S. officials say the sanctions don’t target Zimbabwe’s government, but, rather, some officials, including the president himself, over charges of human rights abuses.

“We cannot continue to live like this. Why did they remove Mugabe if they had no solutions?” asked one man.

I'm Susan Shand.

Words in This Story

hyperinflation – n. extremely sudden increase in the price of goods and service

nightmare – n. a very bad or frightening experience or situation

calculator – n. a device used to answer mathematical questions

synonymous – adj. having the same meaning

currency – n. the money that a country use

uncertainty – adj. the state of being unsure

sanctions – n. an order that is given to force a country to obey international laws by limiting or stopping trade with that country

1 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

4 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

5 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

6 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

7 misuse   

n.误用，滥用；vt.误用，滥用

参考例句：

• It disturbs me profoundly that you so misuse your talents.你如此滥用自己的才能，使我深感不安。
• He was sacked for computer misuse.他因滥用计算机而被解雇了。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会