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Cost Of Living Goes Up As Zimdollar Hits New Low

11 months agoThu, 06 Apr 2023 17:20:38 GMT
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Cost Of Living Goes Up As Zimdollar Hits New Low

The cost of living in Zimbabwe has gone up following a sharp rise in prices of nearly all basic grocery items this week.

Last week, the Zimbabwe National Statistics Agency (ZIMSTAT) announced that annual inflation slowed to 87.6% in March from 92.3% in February this year.

However, the Zimbabwe dollar continues to lose value against all major currencies at both the official and parallel markets.

On the RBZ auction system this week, the Zimbabwe dollar plunged to ZWL$944.71:US$1 from ZWL$671: US$1 in January this year.

According to Business Times, on the parallel market, the Zimbabwe dollar was this week trading between ZWL$1 600:US$1 and ZWL$1 700:US$1.

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In an interview with Business Times on Wednesday, Consumer Council of Zimbabwe executive director Rosemary Mpofu said the cost of living has gone up. She said:

The cost of living as measured by the CCZ’s low-income urban earner monthly basket for a family of six increased ZWL$489 831 by end of March from a figure of ZWL$441 036 by the end of February, showing an increase of ZWL$48 795.

The reasons for the increase varied from localised high inflationary pressures, exchange rate volatility, and external factors.

Even with smaller-denominated gold coins, trying to curb inflation amid a slump in the country’s currency, we still noticed a huge change in prices.

We see a lot of activity on the parallel market exchange rate which was a major factor in driving inflation.

In terms of the US$ basket, we also noticed a huge change as the basket moved to US$478.82 from US$507.67.

This was a huge increase and it is not good for the consumers.

A survey by Business Times this week shows that the prices of basic grocery items have gone up:

  • 2-litre bottle of cooking oil ‚Äď from ZWL$3 649.99 to ZWL$4 749.99.
  • 2 litre Mazoe drink ‚Äď from ZWL$3 600 last week to ZWL$4 149.99
  • white bread ‚Äď from ZWL$989 to ZWL$1 399.99
  • a kilogramme of beef ‚Äď from ZWL$4132.99 last week to ZWL$6 899.99

More: Pindula News

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