Economist Steve Hanke measures high inflation rates in Egypt, Zambia, Turkey, and Zimbabwe, criticizing the official figures. Egypt's President Sisi's economic incompetence has led to a worthless currency and sky-high inflation. Zambia's inflation is 47%/yr, Turkey's at 67%/yr, and Zimbabwe's at a staggering 1215%/yr. Nigeria's naira plunges to a record against the dollar due to a revision of the exchange rate methodology, marking the second devaluation in seven months. Egypt's currency has weakened by nearly 24% in the market in 2024. Colombia's official inflation rate is disputed by Hanke, who measures it at 47%/yr, significantly higher than the reported rate of 9.28%/yr.
#ColombiaWatch🇨🇴: Colombia's National Administrative Department of Statistics measures Dec. 2023 inflation at 9.28%/yr. That number is RUBBISH. Today, I measure Colombia's inflation at a PUNISHING 47%/yr -- ~ 5.1x HIGHER than the official rubbish rate. https://t.co/DfIWkDzmPA
Nigerian Naira was just depreciated 31% (2nd drop of this magnitude in 1 year), and I believe that Egypt is next https://t.co/GvWKFrBAys
Nigeria’s naira plunges to a record against the dollar following a revision of the methodology used to set the exchange rate, in effect the second devaluation of the currency in seven months https://t.co/eVpwpcUfQZ via @markets @Emeleonu
Egypt: The currency is in free-fall Black market rate: 1 dollar = 70 pounds Official rate: 1 dollar = 30.9 pounds The pounds has weakened by nearly 24% in the market in 2024 https://t.co/nrUGuDhvpe https://t.co/hFDw6Jow1L
Nigeria’s naira plunges to a record against the dollar following a revision of the methodology used to set the exchange rate, in effect the second devaluation of the currency in seven months https://t.co/v8ryW8rp3T
#ZIMWatch🇿🇼: According to the Zimbabwe National Statistics Agency, official inflation hit 35%/yr in Jan-24. WRONG. Today, I accurately measure inflation in Zimbabwe at 1215%/yr, the highest inflation rate in the world. https://t.co/kjOXYbWoef
#TurkeyWatch🇹🇷: NO MONEY SUPPLY CONTROL = NO INFLATION CONTROL. Today, I measure inflation in Turkey at an ABYSMAL 67%/yr. With the money supply (M3) surging at ~66%/yr, CBRT gov. @hafizegayeerkan has been unable to control the money supply and tame inflation. https://t.co/KbPGCHHpHb
#ZambiaWatch🇿🇲: Today, I accurately measure Zambia’s inflation at a PUNISHING 47%/yr -- nearly 4x higher than the official RUBBISH inflation rate. Bank of Zambia Gov. Dr. Denny Kalyalya = MONETARY MISMANAGEMENT. https://t.co/dVxjeqIU9P
#EgyptWatch🇪🇬: NO ELECTRICITY, NO FREEDOM, A WORTHLESS CURRENCY & SKY-HIGH INFLATION. Welcome to Egypt, where Pres. Sisi’s economic incompetence has VAPORIZED Egyptians' purchasing power. Today, I measure inflation in Egypt at a PUNISHING 139%/yr. https://t.co/Ttbg8VqWIX