Inflation is spiking in Zimbabwe (again). Why high interest rates aren't the answer

By Jonathan Munemo, Professor of Economics, Salisbury University

The central bank of Zimbabwe has raised its benchmark rate from 80% to a fresh record of 200%. This increase comes as Russia’s invasion of Ukraine is driving global commodity prices higher, exacerbating inflation in many countries around the world, including Zimbabwe.

Zimbabwe’s Finance Minister Mthuli Ncube’s thinking is that aggressive tightening of monetary policy is necessary to counter these inflationary pressures. In Zimbabwe too there has been a rise…

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