Zim Now Writer
Zimbabwe's annual inflation for the period of March 2023 declined to 87,6% down from 92,3% recorded last month , the Zimbabwe National Statistics Agency reported on Friday.
The figure is in line with the new realistic inflation calculation method under S.I. 27 of 2023 introduced by Treasury which tracks price movement as determined by the dual currency nature of the economy.
Prior to this, inflation calculation was only tied to the Zimbabwe dollar which ignored the dual nature of the economy which also uses the US dollar to transact.
“The year-on-year inflation rate for the month of March 2023 as measured by the all items Consumer Price Index 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.
The month-on-month inflation rate in March 2023, basing on the same method, 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.
Despite the new calculation method, inflation rates have sustained a decline trajectory since July 2022 following a raft of policy measures implemented lately 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.
The Food Poverty Line during the period in March 2023 for one person was $22 561, representing the minimum amount of money that an individual will require.
“The Total Consumption Poverty Line for Zimbabwe stood at $29 778.08 per person in March 2023. This means that an individual required that much to purchase both non-food and food items as at March 2023 in order not to be deemed poor.
“This represents an increase of 0.7 percent when compared to the February 2023 figure of $29 562.94,” said ZimStat.
The implication is that a family of six now requires ZWL$177 372 to meet their monthly needs.
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