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OpenZimbabwe’s Monthly Inflation Rate Surges To 5.8% In September
Zimbabwe’s month-on-month inflation surged to 5.8% in September 2024, up from 1.4% in August, driven largely by the sharp depreciation of the newly introduced currency, the Zimbabwe Gold (ZiG).
Since its launch in April 2024, the ZiG has faced increasing volatility, exacerbated by a shortage of US dollars in the market.
The Reserve Bank of Zimbabwe (RBZ) has attributed the currency’s decline largely to speculative activities.
This 4.4 percentage point increase in month-on-month inflation marks the most significant rise since the ZiG’s introduction.
According to the Zimbabwe National Statistics Agency (ZIMSTAT), the all-items Consumer Price Index (CPI) rose 5.8% on average between August and September 2024.
ZIMSTAT said the month-on-month inflation rate reflects the percentage change in the price index compared to the previous month.
For September 2024, the weighted CPI for food and non-alcoholic beverages was the primary contributor to this increase, accounting for 1.5% of the total change in the inflation rate. ZIMSTAT said:
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 September 2024, as measured by the all-items USD CPI, was 4.2%.
ZIMSTAT reported that the Food Poverty Line for an individual in September 2024 was set at ZiG446.56.
The Food Poverty Line indicates the minimum amount of money necessary for a person to access a daily energy intake of 2,100 calories, ensuring basic nutritional needs are met. ZIMSTAT said:
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.
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