Family Basket Jumps To $1 Million Per Month - CCZ

8 months agoWed, 07 Jun 2023 11:33:21 GMT
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Family Basket Jumps To $1 Million Per Month - CCZ

The Consumer Council of Zimbabwe (CCZ) says a low-income urban family of six now needs just over $1 million a month to survive, up from $611 275 in April.

CCZ director Rosemary Mpofu said the cost of living rose by 62% between April and May in Zimbabwe dollar terms.

However, during the same period, the prices of goods and services in United States dollars went down by 31.4 %. She said:

The Consumer Council of Zimbabwe low-income urban earner monthly basket for a family of six stands currently at $1 015 962,61.

This is a sharp increase because the basket has shot from the month of April, where it was $611 275.

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When we look at the basket as we measure it, we find out that the low-income earner is mainly earning in the Zimbabwean dollar.

But the cost of living has really increased from the April figure to the May figure and it has constituted a percentage increase of 62.2%.

The new analysis that we use in US$ has decreased by 31.4% so prices have increased in Zimbabwe dollar terms and yet in US$ have decreased by 31.4%.

The astronomical rise in the cost of living follows a sharp fall in the value of the Zimbabwe dollar over the past few weeks.

Last month, the Zimbabwe dollar fell by nearly 60% on the official market.

On Tuesday this week, the local currency fell from US$1: ZWL$2 577 set by the central bank on 30 May 2023 to ZWL$3 673.

The latest statistics by the Zimbabwe National Statistics Agency (ZIMSTAT) indicate that the annual inflation rose by 11.3 percentage points from April to 86.5% in May.

However, Steve Hanke, a professor of Applied Economics at Johns Hopkins University, argues that Zimbabwe’s inflation is at 717%.

More: Pindula News



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