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AP
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Street vendors take off their shoes to show their toes on the streets of Harare, Zimbabwe, Thursday, June, 9, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
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A currency trader holds worthless Zimbabwean dollar notes on the streets of Harare, Zimbabwe, Thursday, June, 9, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
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A young boy buys a loaf of bread from a street vendor in Harare, Zimbabwe, Monday, May, 23, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
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A woman looks at the prices of goods in a supermarket in Harare, Zimbabwe, Wednesday, June, 8, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

A street vendor takes off his shoes to show his toes on the streets of Harare, Zimbabwe, Thursday, June, 9, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

Street vendors take off their shoes to show their toes on the streets of Harare, Zimbabwe, Thursday, June, 9, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

A man carries a bunch of sugar cane for sale on the streets of Harare, Zimbabwe, Monday, May, 23, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

People are seen going about their business at a market in Harare, Tuesday May, 31, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

A vendor counts her money after making a sale in Harare, Thursday ,June, 2, 2022. Rampant inflation is making it increasingly difficult for people in Zimbabwe to make ends meet. Since the start of Russia’s war in Ukraine, official statistics show that Zimbabwe’s inflation rate has shot up from 66% to more than 130%. The country's finance minister says the impact of the Ukraine war is heaping problems on the already fragile economy. (AP Photo/Tsvangirayi Mukwazhi)

AP
  • Updated

Shares are mostly lower in Asia, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will focus on battling inflation with interest rate hikes. The S&P 500 dropped 2.4% and benchmarks across the Atlantic also declined on Thursday when the European Central Bank said it would raise rates next month for the first time in more than a decade. Wall Street’s losses accelerated late in the day, as investors rushed to make trades before a highly anticipated report on U.S. inflation due Friday morning. Oil prices remained steady at around $120 per barrel.