(AFP) – Feb 14, 2008

HARARE (AFP) — Zimbabwe's inflation rate, already the highest in the world, has soared to a new high of 66,212.3 percent, according to official figures obtained by AFP on Thursday.

"The year-on-year inflation rate for the month of December 2007, as measured by the all items Consumer Price Index (CPI) stood at 66,212.3 percent, gaining 39,714.5 percentage points on the November rate of 26,740.8 percent," the Central Statistical Office (CSO) said in a statement released to banks.

"This means that prices as measured by the all items CPI, increased by an average 66,212.3 percent between December 2006 and December 2007."

CSO said food and non-alcoholic beverages inflation was at 79,412.0 percent in December while non-food inflation was 58,492.9 percent.

The month-on-month inflation rate in December 2007 was 240.1 gaining 108.7 percentage points on the November 2007 rate of 131.4 percent, the CSO said.

"This means that prices as measured by the all items CPI increased by an average of 240.1 percent from November 2007 to December 2007.

The CPI for December 2007, stood at 414,490,130.8 compared to 129,826,060.8 in November 2007 and 665,774.1 in December 2006, CSO said.

Zimbabwe's economy has been on a downturn for the past eight years characterised by galloping inflation and shortages of basic foodstuffs such as sugar and cooking oil.

At least 80 percent of the population is living below the poverty threshold, often skipping meals to stretch their income, which frequently fails to cover basic needs.

The government has introduced several measures to rein in inflation including imposing a ceiling on prices of some goods and services and knocking off three zeros from the country's currency.

The CSO last released the monthly inflation statistics to the media in September last year and the November figure was only released by the central bank chief in a statement last month.

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