Zim inflation rate tumbles to 92, 3 % upon factoring in dual currency realties

admin March 3, 2023

0 1,575 1 minute read

Business Reporter

THE annual rate of inflation Friday tumbled to 92, 3% after authorities introduced SI 27/2023- a policy measure which factors in the calculation of inflation factoring in the dual currency realities of the economy, Zimbabwe National Statistics Agency (ZIMSTAT) reported Friday.

The month-on-month inflation rate in February 2023 was -1,6% shedding 2,3% on the January 2023 rate of 0,7%.

The month-on-month inflation rate is computed in accordance with SI 27 of 2023. The month-on-month inflation rate is given by the percentage change in the index of the relevant month compared with the index of the previous month.

“The year-on-year inflation rate (annual percentage change) for the month of February 2023 as measured by the all items Consumer Price Index (CPI) was 92,3%.

“The year-on-year inflation rate is computed in accordance with SI 27 of 2023 The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year,” said ZIMSTAT.

The agency said the Food Poverty Line (FPL) which represents the amount of money that an individual requires to afford daily minimum energy intake of 2 100 calories for one person in February 2023 was ZWL$22,386.00.

“The Total Consumption Poverty Line (TCPL) is derived by adding the non-food c consumption expenditures of poor house hold s to the FPL. The TCPL for one person was ZWL$ 29, 563 .0 0 in February 2023,” the statistics agency said.