Zimbabwe

Zimbabwe’s public servants have rejected an offer for a 100% pay increase from the government where inflation surged to 132% last month. Zimbabwe’s annual inflation rate jumped to the highest level in a year in May as food prices almost tripled. This was partly due a sharp depreciation in the Zimbabwe dollar that spurred authorities to use different strategies to stem its decline. The drop in the local currency and surging inflation have increased demand by workers and businesses for payments in the greenback, putting further pressure on the Zimbabwe dollar.