Zim’s family of five now requires $8 400 for monthly expenses
Staff Writer
THE cost of living continues to spiral beyond the reach of many following latest reports by the Zimbabwe National Statistics Agency (ZIMSTAT) stating that a family of five now requires $ 8 484 to run all their monthly expenses as of May 2020.
ZIMSTAT data also shows that individual expenses have risen sharply confirming tough times for citizens whose monthly earnings remain very poor.
“The Total Consumption Poverty Line (TCPL) for one person during the same period (May 2020) stood at $1,697.00 while that for an average of five persons per household was $8,484.00,” said the agency.
These figures indicate a sharp rise from the figures recorded in the month of April in which one person $1,485.16 while that for an average of five persons per household stood at $7,425.81.
However indications on the ground are that the figures predicted in April 2020 are likely to increase threefold this week owing to the recent hikes in fuel prices by almost 200%.
Prices of basic commodities and services usually respond to the dynamics in the fuel sector.
The weakening Zim$ which was hurriedly introduced before taking into account holistic fundamentals required for currency stability amid the inflation rate hovering above 700% has left the country’s nationals more prone against the ever rising expenses.
The country’s minimum wage currently stands at $2 500 a month amid reluctance by government to push employers to pay salaries which match adjustments in line with the cost of living.
