By Own Correspondent

WORKERS have been thrown to the deep end on the ZWG currency crisis following latest revelations by the Zimbabwe National Statistics Agency (Zimstat) confirming ZWG depreciation.

The stats agency’s data for the month of October 2024 shows the ZWG inflation rate has soared to 37, 2% after gaining and also triggered an upward trajectory in the month on month inflation rate, Zimbabwe National Statistics Agency (Zimstat) data has revealed.

Presenting the latest data Friday, Zimstats Prices Statistics Manager, Thomas Chikadaya said the ZWG inflation rate had significantly shifted during the month of October 2024.

“The month-on-month inflation rate was 37.2 percent in October 2024, gaining 31.4 percentage points on the September 2024 rate of 5.8 percent. This means that prices as measured by the all-items ZWG CPI, increased by an average of 37.2 percent between September 2024 and October 2024,” he said.

For the month of October 2024, the ZWG CPI for Food and Non-Alcoholic Beverage contributed mostly to the month-on-month change in index (inflation rate) by a magnitude of 15.5%.

As a result, month-on-month inflation rate soared to 7,3 % in October 2024, gaining 5,4 % on the September 2024 rate of 1,9%.

The data also shows the US$ month-on-month inflation rate was 0, 7% in October 2024, gaining 0.0 percentage points on the September 2024 rate of 0.7%.

The year-on-year inflation rate (annual percentage change) for the month of October 2024 as measured by the all-items USD Consumer Price Index (CPI), was 4.1 percent. For the month of October 2024, the USD CPI for Food and Non Alcoholic Beverage contributed mostly to the month-on-month change in index (inflation rate) by a magnitude of 0.5 %.

However, the situation will be so dire for workers going forward considering the fact that the majority are normally paid in the local ZWG currency.