Zim’s yearly inflation eases to 17,8% on the back of key reforms

Business Reporter

ZIMBABWE’s yearly inflation has eased to 17, 8% in the month of October 2023 on the back of key inflation targeted reforms in a development indicating prolonged prices stability, latest data from the Zimbabwe National Statistics Agency (ZIMSTAT)  has revealed.

The report also showed that monthly inflation has remained within sustainable margins during the period.

“The month-on-month inflation rate in October 2023 was 2.5%,5%  gaining 1,5% on the September 2023 rate of 1%. This means that prices as measured by the all items CPI increased by an average of 2,5% percent from September 2023 to October 2023.

“The year-on-year inflation rate (annual percentage change) for the month of October 2023 as measured by the all-items Consumer Price Index (CPI) was 17.8%,” the statistics agency said.

The Food Poverty Line (FPL) for one person in October 2023 was ZW$80,512.00 which represents the amount of money that an individual requires to afford a daily minimum energy intake of 2,100 calories.

ZIMSTAT uses the consumer basket for households deemed to be poor to calculate the poverty line

The Total Consumption Poverty Line (TCPL), which is derived by adding the non-food consumption expenditures of households deemed to be poor, the FPL for one person in October 2023 was ZW$105 072.

The month-on-month Food and Non-Alcoholic Beverages inflation rate was 2.4 percent in October 2023, gaining 1,3% on the September 2023 rate of 1,1%.

From September 2023, inflation readings in the country took a dive after a calculation method that captured the dominance of the US$ in daily transactions.