Business Reporter
A family of six now requires an equivalent of US$270 to meet the monthly family needs, Zimbabwe National Statistics Agency (Zimstat) said.
The stats agency revealed the Total Consumption Poverty Line (TCPL) for one person in August 2024 was ZiG 631.86. The TCPL is derived by adding the non-food consumption expenditures of an individual below the FPL.
This implies that a family of six now requires a total ZiG 3 791,16 which is equivalent to US$270 using the official market rates.
Data published shows the inflation slightly increased during the period but remained within sustainable margins.
“The weighted month-on-month inflation rate was 0.4% in August 2024, gaining 0.5 percentage points on the July 2024 rate of –0.1percent,” said the stats agency.
The US$ inflation rate for the period was 0, 2% gaining 0.3 percentage points on the July 2024 rate of –0.1percent. The year-on-year inflation rate for the month of August 2024, as measured by the all-items USD Consumer Price Index (CPI), was 3.7%.
For the ZiG currency suffered harder blows during the period with month-on-month inflation rate reaching 1, 4% in August 2024, and gaining 1.5% on the July 2024 rate of -0.1percent. This means that prices as measured by the all-items ZiG CPI, increased by an average of 1.4 between July 2024 and August 2024.
The current inflation trends come on the back of a waning parallel market exchange rate which currently maintains a mid- rate of around US$1: ZWG 18 with higher premiums being demanded depending on supply and demand factors.
Traditionally, markets have maintained sensitivity to any movement on the parallel market.
The Food Poverty Line (FPL) for one person in August 2024 was ZiG 405.41. FPL represents the amount of money that an individual requires to afford a daily minimum energy intake of 2,100 calories.
