UK inflation now higher than Zimbabwe

By Fortune Tazvida

December 2010 inflation figures for the United Kingdom soared to 3,7% from 3,3% putting them higher than Zimbabwe’s inflation figures which stood at 3.2%. On Tuesday economists described Britain’s inflation problem as ‘horrible’, and warned that it is almost guaranteed to climb even higher.

Only 2 years ago before the MDC joined the coalition government inflation figures in Zimbabwe were the highest in the world. In October 2008 for example Zimbabwe’s inflation rocketed to an astronomical 231 million per cent, an advance of more than 200 million per cent on the previous figure.

Even at those figures Zimbabwe still had some way to go before approaching the world’s worst hyperinflation ever, in post-war Hungary, where it reached 4.19 quintillion per cent. It would have been hard a few years ago to think of UK inflation figures being higher than Zimbabwe.