Zim annual inflation goes down to 87,6% ;but workers hardships persist

By Own Correspondent

DESPITE annual and monthly inflation levels declining significantly to 87,6%  and 0,1% respectively as reported by the  Zimbabwe National Statistics Agency (ZIMSTAT) , hardships confronting workers continue to persist.

The latest stats are in line with the new inflation calculation method which blends the US$ and the Zim$.

Prior to this, inflation calculation was only tied to the ZWL local currency while ignoring the dual nature of the economy which also uses the US$ to transact.

“The year-on-year inflation rate for the month of March 2023 as measured by the all items Consumer Price Index (CPI) was 87,6%. This means that prices as measured by the all items CPI increased by an average of 87,6% March 2022 and March 2023,” said Zimstat.   

Month-on-month inflation rate in March 2023 was 0,1% gaining 1,7%  on the February 2023 rate of  minus 1,6% implying that  prices as measured by the all items CPI increased by an average of 0,1% from February 2023 to March 2023.

Shockingly, during the period, the Food Poverty Line (FPL) for one person in March 2023 was $22,561  representing the amount of money that an individual will require to afford the minimum required daily energy intake of 2 100 calories.  

The Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $29,778.08 per person in March 2023. This means that an individual required that much to purchase both nonfood and food items as at March 2023 in order not to be deemed poor.

Trade unions have even questioned the statistics agency’s figures amid concerns that the cost of living is even higher than predicted , triggering mismatches and disconnection.

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