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The member of Parliament for Harare East, <a href="https://www.pindula.co.zw/Tendai_Biti/">Tendai Biti</a> of the opposition party CCC, has challenged the Finance Minister, <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, to provide a detailed explanation before Parliament about Statutory Instrument 127 and <a href="https://news.pindula.co.zw/2023/03/03/govt-adopts-blended-inflation-rate-based-on-usd-zim-dollar/">blended inflation. </a>
SI 127 of 2021 amends the Exchange Control Act and the Bank Use Promotion Act, imposing heavy administrative penalties for breaches of special provisions of the Act.
The SI prohibits businesses from selling goods and services or quoting them at an exchange rate above the foreign currency auction system rate. It also punishes businesses for issuing clients with Zimbabwean dollar receipts for payment received in foreign currency.

<ul>
<li><a href="https://www.pindula.co.zw/2023/03/08/blended-inflation-rate-is-pure-undiluted-heresy-biti/">Blended Inflation Rate Is “Pure, Undiluted Heresy” – Biti</a></li>
<li><a href="https://www.pindula.co.zw/2023/03/15/blended-inflation-rate-problematic-for-economy-experts/">Blended Inflation Rate Problematic For Economy – Experts</a></li>
<li><a href="https://www.pindula.co.zw/2023/04/13/accountants-engage-govt-over-weighted-blended-inflation-rate/">Accountants Engage Govt Over Weighted Blended Inflation Rate</a></li>
</ul>
Biti has demanded an explanation from Ncube on how he crafted the method of mixing currencies in the country. The SI has been viewed as an attempt to curtail the exchange rate on the parallel market to stabilize the local currency. However, business leaders view it as a regulation that could lead to shortages of goods and akin to price controls. Regulations promulgated under Presidential Powers expire after six months, and permanent legislation is expected to be enacted to replace them before the expiry date. Biti said:
<blockquote>
I stood up to speak about inflation. I know we have spoken about inflation before but the reason why I stood up is because of Statutory Instrument 127 of 2021 that speaks of inflation, which is calculated on goods and services in US dollars and RTGS.
In economics, inflation is a measurement of the rise in prices and only one currency is used, whether USD or RTGS or local currency, and you cannot mix currencies. So, the Minister of Finance who is a professor of economics should come to this august House and explain where he is getting this mixing of currencies, RTGS and US dollars, and why he is calling it blended inflation.
</blockquote>
Speaker of the National Assembly Jacob Mudenda said Ncube should appear before Parliament to explain SI 127.
Blended inflation is a method used to calculate inflation by taking into account both foreign and domestic currencies in countries with multiple currencies in circulation.
The Reserve Bank of Zimbabwe uses this method to measure the rate of inflation by converting prices of goods and services into a common currency, such as the US dollar. The prices are then aggregated and weighted to calculate inflation.
Although blended inflation is considered more accurate than using a single currency, it can also mask the impact of inflation on specific sectors of the economy, which can lead to a distortion in the inflation data. Therefore, the use of blended inflation can be controversial.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Biti Challenges Ncube To Explain SI 127 And Blended Inflation In Parliament

The <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> has released poverty datum line statistics for August showing that the cost of living went up in the month under review compared to the previous one. In a statement seen by Pindula News, ZIMSTAT said the Food Poverty Line (FPL) for one person in August 2022 was $20 461.00 while the Total Consumption Poverty Line (TCPL) for one person stood at $26 623.00 in August 2022. Reads the statement:
<blockquote>
<h2>Consumer Price Index— August 2022</h2>
The month-on-month inflation rate in August 2022 was 12.4 percent shedding 13.2 percentage points on the July 2022 rate of 25.6 percent.
The year-on-year inflation rate (annual percentage change) for the month of August 2022 as measured by the all items Consumer Price Index (CPI) stood at 285.0 percent.
The CPI for the month ending August 2022 stood at 12,286.26 compared to 10,932.83 in July 2022 and 3,191.05 in August 2021.
<h2>Blended Consumer Price Index— August 2022.</h2>
The month-on-month inflation rate in August 2022 was 6.6 percent shedding 9.5 percentage points on the July 2022 rate of 16.1 percent.
The year-on-year inflation rate (annual percentage change) for the month of August 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 106.3 percent.
The blended CPI for the month ending August 2022 stood at 254.21 compared to 238.43 in July 2022 and 123.21 in August 2021.
</blockquote>
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZIMSTAT: Cost Of Living In Zimbabwe Goes Up In August 2022

According to data released by ZIMSTAT, the cost of living went up in March 2022 compared to where it was in February 2022. In a recent release, seen by Pindula News, ZIMSTAT said in March 2022, annual inflation was at 72.7 per cent from <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">66.1 per cent in February.</a> However, monthly March inflation shed 0.7 percentage points to 6.3% (<a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February: 7%</a>) as there were limited pricing pressures in the food category.
<blockquote>
<h2>Consumer Price Index March 2022</h2>
The month-on-month inflation rate in March 2022 was 6.3 percent shedding 0.7 percentage points on the <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 rate of 7.0 percent.</a>
The year-on-year inflation rate (annual percentage change) for the month of March 2022 as measured by the all items Consumer Price Index (CPI) stood at 72.7 percent.
The CPI for the month ending March 2022 stood at 4,766.10 compared to <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">4,483.06 in February 2022</a> and 2,759.83 in March 2021. 
<h2>Blended Consumer Price Index March 2022</h2>
The month-on-month inflation rate in March 2022 was 2.7 percent shedding 0.4 percentage points on the <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 rate of 3.1 percent.</a>
The year-on-year inflation rate (annual percentage change) for the month of March 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 29.8 percent.
The blended CPI for the month ending March 2022 stood at 146.06 compared to <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">142.28 in February 2022</a> and 112.51 in March 2021. 
<h2>Poverty Datum Lines March 2022</h2>
The Food Poverty Line (FPL) for one person in March 2022 was $7,062.00. The Total Consumption Poverty Line (TCPL) for one person stood at $9,708.00 in March 2022. 
The Food Poverty Line FPL for one person in <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 was $6 660.00</a>. The Total Consumption Poverty Line  TCPL for one person <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">stood at $9 144.00 in February 2022. </a>
<img class="aligncenter" decoding="async" src="https://pbs.twimg.com/media/FOvxmr2XsAIj2Ex?format=jpg&amp;name=large"/>
<img decoding="async" src="https://pbs.twimg.com/media/FOuQO4aXEEATiAO?format=jpg&amp;name=large"/><img decoding="async" src="https://pbs.twimg.com/media/FOuQQt9XEAE5foU?format=jpg&amp;name=large"/><img class="aligncenter" decoding="async" src="https://pbs.twimg.com/media/FOuQRmWX0AIAXoK?format=jpg&amp;name=large"/>
</blockquote>
<h2>More: Pindula News</h2>

Cost Of Living In Zimbabwe Goes Up In March - ZIMSTAT

Zimbabwe National Statistics Agency (ZIMSTAT) has reported that Zimbabwe’s annual inflation for July dropped to less than 60 per cent from more than a hundred the previous month.
Data from ZIMSTAT shows that for the first time since July last year, annual inflation has dropped to double-digit figures.
The agency notes that the trend means prices increased by 56.37 per cent between July last year and the same month this year.
ZIMSTAT has also cited the foreign currency auction system which has stabilised the local dollar against major currencies as the main element in the reduction of annual inflation, a development that has been well received by consumers.
Treasury and the central bank have also hinted on restoring increased purchasing power for consumers through tight inflation control measures.
Zimstat reveals inflation which refers to the rate at which prices are increasing over a given period of time has dropped to 56 per cent this month from 837 per cent in July last year. Said the agency in a statement:
<blockquote>
<h2>Consumer Price Index— July 2021</h2>
The month on month inflation rate in July 2021 was 2.56 percent shedding 1.32 percentage pints on the June 2021 rate of 3.88 percent.
The year on year inflation rate (annual percentage change) for the month of July 2021 as measured by the all items Consumer Price Index CPI stood at 56.37 percent.
The #1CPI for the month ending July 2021 stood at 3,062.93 compared to 2, 986.44 in June 2021 and 1,958.72 in July 2020.
<h2>Blended Consumer Price Index— July 2021</h2>
The month on month inflation rate in July 2021 was 0.67 percent shedding 3.82 percentage points on the June 2021 rate of 4.49 percent.
The year on year inflation rate (annual percentage change) for the month of July 2021 as measured by the all items blended Consumer Price Index #BCPI stood at 21.61 percent.
The blended CPI for the month ending July 2021 stood at 121.61 compared to 120.80 in June 2021 and 100.00 in July 2020.
<h2>POVERTY DATUM LINES – JULY 2021</h2>
<h2>Main Findings</h2>
• The Food Poverty Line (FPL) for one person in July 2021 was $4,379.00.
• The Total Consumption Poverty Line (TCPL) for one person stood at $6,126.00 in July 2021.
<h2>Concepts and Definitions of the Lower Bound Poverty Line</h2>
With effect from November 2020, ZIMSTAT is now producing the Poverty Datum Lines (PDL) using the lower bound poverty line. The method refers to the sum of food poverty line and the average amount derived from non-food items of households whose total expenditure is equal to the food poverty line.
The food poverty line (FPL) represents the amount of money that an individual will require to afford the minimum required daily energy intake of 2 100 calories.
The total consumption poverty line (TCPL) which is naturally higher than the FPL was derived using 2017 PICES data and using the lower bound poverty line method. It was derived by computing the non-food consumption expenditures of poor households whose consumption expenditures were just equal to the FPL. The amount was added to the FPL, if an individual does not consume more than the TCPL, he or she is deemed poor. For more details, the user is referred to a more recent publication by ZIMSTAT, Zimbabwe Poverty Update 2017-19.
<h2>Detailed Results</h2>
The food poverty line (FPL) as at July 2021 stood at $4,379.11. This means that the minimum needs basket cost that much per person in June 2021. This represents an increase of 2.5 percent over the June 2021 figure of $4,271.85.
The Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $6,126.41 per person in July 2021. This means that an individual required that much to purchase both non-food and food items as at July 2021 in order not to be deemed poor. This represents an increase of 2.5 percent when compared to the June 2021 figure of $5,974.89.
The poverty datum lines vary by province as prices vary from place to place. The differences are explained by differences in average prices in the provinces.
The quantities of commodities consumed at base year in the minimum needs basket which is consistent with the preferences of the poor individuals and households in Zimbabwe are fixed. The variations in the value of the basket are explained by changes in average prices.
<h2>NOTE:</h2>
• The TCPL of $6,126.00 represents the total income needed for an individual (with all their income added together) as a minimum for them not to be deemed poor.
• ZIMSTAT produces the official Poverty Datum Lines which are not comparable to cost of living indicators produced by other players in the market.</blockquote>
<h2>Inflation stood at 837.53% in July 2020. This is how inflation has trended since then.</h2>
<h2>More: <a href="https://news.pindula.co.zw">Pindula News</a></h2>

Zimbabwe’s Annual Inflation For July Dropped To Less Than 60%

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