ZiG knocks monthly inflation rate to 2,9%
Business Reporter
THE country’s monthly inflation rate has significantly gone down to 2,9% less than a month after the introduction of the Zimbabwe Gold (ZiG) currency.
In an update Monday , the Zimbabwe National Statistics Agency (Zimstat) reported month-on-month inflation rate was 2.9%percent in April 2024, shedding 2 % on the March 2024 rate of 4,9%.
This means that prices as measured by the allitems CPI, increased by an average of 2,9%between March 2024 and April 2024.
Market watchers believe the decline signifies the quick gains of the new currency.
The stats agency also reported that yearly inflation rate for April 2024 increased to 57,5% on the back of expectations that it will decline significantly going forward owing to the impact of the newly introduced Zimbabwe Gold (ZiG) currency.
The month-on-month Food and Non-Alcoholic Beverages inflation rate was 4.2 percent in April 2024, shedding 3.9 percentage points on the March 2024 rate of 8.1 percent.
The April 2024 month-on-month non-food inflation rate was 2,4% shedding 0.6%on the March 2024 rate of 3%.
The Food Poverty Line (FPL) for one person in April 2024 was ZiG424.95.
One person’s Total Consumption Poverty Line (TCPL) was ZiG 650.26 in April 2024. This means that an individual required that much to purchase non-food and food items as of April 2024 in order not to be deemed poor.
