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Bicycle Boom pushes Inflation in Zimbabwe to 411%

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HARARE, Zimbabwe (Nov 15) – Zimbabwe’s inflation rate rocketed to an annual rate of 411 % in October, buoyed mainly by soaring prices of bicycles as chronic fuel shortages forced more people to give up driving. President Robert Mugabe’s government has singled out inflation as the biggest scourge to the economy and recent price rises […]

HARARE, Zimbabwe (Nov 15) – Zimbabwe’s inflation rate rocketed to an annual rate of 411 % in October, buoyed mainly by soaring prices of bicycles as chronic fuel shortages forced more people to give up driving.

President Robert Mugabe’s government has singled out inflation as the biggest scourge to the economy and recent price rises have been linked to the sliding local currency, which has tumbled about 66 % against the dollar over the past month.

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