Zim central bank likens inflation to HIV

HARARE – Zimbabwe’s central bank chief has compared the country’s surging inflation, which is the highest in the world, to the deadly HIV pandemic, as the high cost of living ravages consumers.

“Inflation has ceased to be just the number one enemy, it is actually the economic HIV of this country,” Reserve Bank governor Gideon Gono said in remarks carried by the official Herald newspaper on Thursday. The southern African country is in the throes of a deep economic recession marked by inflation above 1 700 per cent, shortages of foreign exchange, food and fuel and rising unemployment and poverty.It is also ravaged by HIV-AIDS which claims the lives of 3 000 Zimbabweans every week, and which, according to the United Nations Children’s’ Fund, has led to one in four children losing one or both parents.The inflation crisis has heightened political tension and urban workers bear the brunt of the crisis, largely blamed on President Robert Mugabe’s controversial policies, including the seizure of white-owned commercial farms for blacks.As Gono spoke, the official Central Statistical Office (CSO) said the cost of living for an average family of five had increased to nearly Z$1 million – far above what the majority of Zimbabweans earn.CSO figures showed on Thursday that an average family required Z$937 838 in February to get through the month for it not to be considered poor, up from Z$566 401 the previous month.Political analysts say a deteriorating economy is the biggest threat to Mugabe, in power since independence in 1980 but facing mounting pressure from the opposition and within his ruling ZANU-PF party over plans to hang on to power.Nampa-ReutersThe southern African country is in the throes of a deep economic recession marked by inflation above 1 700 per cent, shortages of foreign exchange, food and fuel and rising unemployment and poverty.It is also ravaged by HIV-AIDS which claims the lives of 3 000 Zimbabweans every week, and which, according to the United Nations Children’s’ Fund, has led to one in four children losing one or both parents.The inflation crisis has heightened political tension and urban workers bear the brunt of the crisis, largely blamed on President Robert Mugabe’s controversial policies, including the seizure of white-owned commercial farms for blacks.As Gono spoke, the official Central Statistical Office (CSO) said the cost of living for an average family of five had increased to nearly Z$1 million – far above what the majority of Zimbabweans earn.CSO figures showed on Thursday that an average family required Z$937 838 in February to get through the month for it not to be considered poor, up from Z$566 401 the previous month.Political analysts say a deteriorating economy is the biggest threat to Mugabe, in power since independence in 1980 but facing mounting pressure from the opposition and within his ruling ZANU-PF party over plans to hang on to power.Nampa-Reuters