Turning to Zimbabwe where citizens are feeling the pinch, as a wave of price increases rekindle bitter memories of hyperinflation. The price of bread almost doubled earlier this month, leaving many unable to afford this basic commodity. CGTN's Farai Mwakutuya reports from Harare.

Sugar, milk and now bread have all gone up as inflation continues its upward surge driven by a severe shortage of hard currency that's led to rate increases on the official and parallel markets. In March year-on-year inflation rose to 66.8 percent its highest level since 2008, piling more misery on hard-pressed citizens.

MARTHA CHIHWAYI CONSUMER "Children are now surviving on rice and sweet potatoes because no one can afford bread anymore. We are going back to a time when we would only eat bread at Christmas time."

THEOPHYLUS CHAMUNORWA PFUNDA CONSUMER "It's been two years since I last got a salary increase, yet prices are going up and every day. I also can't afford not to go to work because then I will be laid off and then my family will starve."

Government workers were awarded a 29 percent wage increase effective April, which they claim has already been wiped out by the latest wave of price increases. President Emmerson Mnangagwa has accused businesses that are affecting the increases of being inhumane, unethical and unpatriotic, but has not said what his government will do to address the situation.

DR. GIFT MUGANO ECONOMIC ANALYST "His options are very limited because government doesn't have much to do in the economy. The only role of government is to create an enabling environment for business to thrive. So if you look at President Mnangagwa in the second republic if it was Mugabe I would tell you that he was going to do price controls but the second republic if you are open for business you can't do price controls."

Treasury says currency and fiscal reforms currently underway should lead the market to self-correct and expects inflation to start coming down to single digit territory by end of year.

FARAI MWAKUTUYA HARARE, ZIMBABWE "But with the cost of living already beyond the reach of many, people here hope this doesn't become a case of too little, too late. FM, CGTN, H, Z."