THE month-on-month inflation quickened to 5,8% in September from 1,4% in the previous month as prices rose due to the sharp depreciation of the new currency, Zimbabwe Gold (ZiG), latest data shows.
The ZiG, which debuted in April amid pomp and fanfare, has been depreciating over the past weeks amid a shortage of the dollar despite the central bank attributing the weakening of the currency to speculation.
The 4,4 percentage point rise in month-on-month inflation is the biggest since ZimStat began calculating inflation following the introduction of ZiG.
In its latest price statistics report, ZimStat said the increase in ZiG monthly inflation meant that prices as measured by the all-items ZWG Consumer Price Index (CPI), increased by an average of 5,8% between August and September this year.
The month-on-month inflation rate is given by the percentage change in the price index of the reference month of a given year compared with the price index of the previous month.
ZimStat said for the month of September 2024, the weighted CPI for food and non-alcoholic beverages contributed mostly to the month-on-month change in index (inflation rate) by a magnitude of 1,5%.
Keep Reading
- Awards target married couples
- Awards target married couples
- Thousands flee economic mess
- ZimStat undertakes to pay enumerators
“The month-on-month inflation rate was 5,8% in September 2024, gaining 4,4 percentage points on the August 2024 rate of 1,4%.
“This means that prices as measured by the all-items ZWG CPI, increased by an average of 5,8% between August 2024 and September 2024.
“The month-on-month inflation rate was 0,7% in September 2024, gaining 0,5 percentage points on the August 2024 rate of 0,2%.
“The year-on-year inflation rate for the month of September 2024, as measured by the all-items USD CPI, was 4,2%.”
According to ZimStat, the Food Poverty Line for one person in September 2024 was ZiG446,56.
Food Poverty Line 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 an individual deemed to be poor to calculate the poverty line.
“The Total Consumption Poverty Line for one person in September 2024 was ZiG681,79. The Total Consumption Poverty Line is derived by adding the non-food consumption expenditures of an individual below the food poverty line.”