Zimbabwe inflation rate soars to 175%

Zimbabwe's annual inflation rate hit 175 percent in June, official data showed Monday, stoking fears of a return of the hyperinflation that wiped out savings ten years ago when the economy collapsed.

Supplies of essentials such as bread, medicine and petrol have regularly run short in the country as price increases hit their fastest pace since the government was forced to abandon the Zimbabwe dollar in 2009.

"The year-on-year inflation rate for the month of June 2019 as measured by the all items consumer price index stood at 175.66 per cent while that of May 2019 was 97.85 per cent," the Zimbabwe National Statistical Agency said in a statement.

Hundreds of thousands of Zimbabweans have fled abroad in the last 20 years seeking work because of the economic crisis at home.

Many others are now seeking to leave as conditions worsen under President Emmerson Mnangagwa, who had promised an economic revival after he succeeded long-ruling Robert Mugabe in 2017.

Mnangagwa vowed to end the country's international isolation, attract investors and create growth that could fund the country's shattered public services.

But the economy has instead declined further, with shop prices rocketing and long power cuts.

The inflation figures came after fuel prices were raised by 16 per cent on Saturday. When