Electricity tariffs soar

Zimbabwe last week quadrupled electricity tariffs amid crippling power shortages which have plunged parts of the country into darkness for up to 18 hours a day and forced businesses to operate at night. A TimesLIVE report notes that there are shortages of fuel and medicine. Citing 'the depreciation of the local currency,' the Zimbabwe Energy Regulatory Authority said the price of electricity would jump to R1.67 per kilowatt hour. The latest increase should result in 'a significantly improved electricity supply, reduced load-shedding hours and improved reliability of supply' as the Zimbabwe authorities will import electricity from neighbouring countries. The IMF said Zimbabwe's August inflation rate accelerated to 300% and some economists estimate that the real rate may be double that figure.