Inflation hits 70 percent

Official figures out later this week are expected to show that inflation in Zimbabwe has now hit 70 percent, media reports said on Tuesday. According to the reports, commercial banks have been forced to increase their lending rates, with some banks now charging an estimated 52 percent interest on loans. Controlling spiralling inflation is a crucial aspect to the World Bank and International Monetary Fund's rescue efforts. Zimbabwe had hoped to bring inflation down to 30 percent. At the end of June inflation had slowed down to about 44 percent, but this was short lived increasing to about 54 percent by mid-August.