Zimbabwe's inflation rate, already the highest in the world, accelerated sharply in November to a new peak of 26 470.8 percent, from 7892.1 percent in September, the governor of the central bank said on Thursday.

"At an annual rate, according to Central Statistical Office figures of 26 470.8 percent in November 2007, inflation continues to be arguably the most devastating macroeconomic imbalance in the country," Gideon Gono said in a statement.

"Whereas others were forecasting Zimbabwe's inflation to end 2007 at over 150 000 percent, latest actual data indicates that inflation in November 2007 was 26 470.8 percent," Gono said in a monetary policy statement.

The rate of inflation in August had been 6592.8 percent.

Gono prescribed higher food production, increased housing, reduction of the money supply and the production of more foreign exchange to destroy the "inflation dragon."

According to him, drastic measures were being adopted to contain the upward growth in money supply, which he said was too high for the size of the nation's economy.

AFP

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