HARARE , Zimbabwe ( CNN ) -- Zimbabwe 's inflation rate has soared in the past three months and is now at 11.2 million percent , the highest in the world , according to the country 's Central Statistical Office . Zimbabwe 's inflation rate has soared to a world high . Official figures dated Monday show inflation has surged from the rate of 2.2 million percent recorded in May , despite the government 's price controls . The country 's finance minister confirmed the new figure in an interview but said the rising inflation rate was not confined to Zimbabwe alone . `` While our case has been aggravated by the illegal sanctions imposed by the Western powers , rising food prices are a world phenomenon because of the use of bio-fuel , '' said Samuel Mumbengegwi . `` But we will continue to fight inflation by making sure that prices charged are realistic . '' In February , the price of a loaf of bread in the country was less than 200,000 Zimbabwe dollars . On Monday , that same loaf of bread cost 1.6 trillion Zimbabwe dollars . Analysts have said the Zimbabwean government 's official inflation rate figures are conservative . Last week , one of Zimbabwe 's leading banks , Kingdom Bank , said the country 's inflation rate was now more than 20 million percent . The locally-owned bank predicted tougher times ahead for Zimbabwe in the absence of donor support and foreign investment in an economy that has been in freefall for almost a decade . Once considered the breadbasket of Africa , Zimbabwe has been in the throes of an economic meltdown ever since the country embarked on a chaotic land reform program that has decimated commercial agriculture . Analysts say the crisis has worsened following President Robert Mugabe 's disputed reelection in the June 27 presidential run-off . His challenger Morgan Tsvangirai boycotted the race over widespread allegations of violence and voter intimidation . The economic crisis has destroyed Zimbabwe 's currency and made it difficult for Zimbabweans to buy basic commodities , electricity , fuel , and medicines . Many Zimbabweans have left the country amid rising unemployment and deepening poverty . Last week a summit in South Africa of regional African leaders failed to persuade Zimbabwe 's political parties to agree to form a government of national unity , which observers view as the best way to end Zimbabwe 's record recession .
Zimbabwe 's inflation rate soars to 11.2 million percent . A pound of bread costs 1.6 trillion US dollars . Official rate is Zimbabwe 's highest but some economists fear it may be more . Government officials blame international sanctions and rising global food prices .