Zim monthly, annual inflation levels tumble
ANNUAL and monthly inflation levels have declined significantly to 87,6% and 0,1% respectively , Zimbabwe National Statistics Agency (ZIMSTAT) has reported.
The 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.
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.
This comes on the back on the back of reforms aimed at easing inflation pressures which include introduction of gold coins, mopping up of excess liquidity, targeted interest rates to contain speculative borrowing among other measures.
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.