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OpenZiG Inflation Remains Stable At 0% In June 2024 - ZIMSTAT
The introduction of the Zimbabwe Gold (ZiG) currency in April 2024 has had a stabilising effect on the country’s inflation rate, according to the latest data from the Zimbabwe Statistics Agency (ZIMSTAT).
On Friday, ZIMSTAT said that in ZiG, month-on-month inflation was 0% in June (from -2.4% in May), and in USD terms, year-on-year inflation was 3.8% in June, from 3.5% in May.
When measured in US dollar terms, the year-on-year inflation rate stood at 3.8% in June, up slightly from 3.5% in May.
ZIMSTAT also reported that the weighted monthly inflation rate – which combines the price changes in both ZiG and USD – was -0.2% in June, up from -0.6% in May.
The year-on-year ZiG inflation will only be measured starting next April, as that will mark one year since the currency’s introduction. Said ZIMSTAT:
The month-on-month inflation rate for June 2024, was -0.2%, gaining 0.4 percentage points on the May 2024 rate of -0.6%. The month-on-month inflation rate for June 2024 was 0.0%. This means that prices as measured by the all-items ZiG CPI, remained constant on average between May 2024 and June 2024.
The agency the Total Consumption Poverty Line (TCPL) which captures all the expenses required for an individual to meet survival needs in June 2024 was ZiG 623.40.
The Food Poverty Line (FPL) which represents the amount of money that an individual requires to afford a daily minimum energy intake of 2,100 calories stood at ZiG 399.83. Said ZIMSTAT:
The US$ inflation rate for the period of June 2024 stood at -0.3%, shedding 0.4 percentage points on the May 2024 rate of 0.1%. The year-on-year inflation rate for the month of June 2024, as measured by the all-items USD Consumer Price Index (CPI), was 3.8%.
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