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Professor of applied economics at the Johns Hopkins University, Steve Hanke, says Zimbabwe’s year-on-year inflation has reached 1 298 percent as the Government refuses to abandon the Zimbabwe dollar.
The local currency, which was trading at US$1: ZWL$2 577 on 30 May 2023, had moved to US$1: ZWL$5 978 on 13 June at the Reserve Bank of Zimbabwe (RBZ) controlled forex auction.
Posting on Twitter, Hanke said President Emmerson Mnangagwa’s Government is leading Zimbabwe to “ruins” by insisting on the use of the valueless Zimbabwe dollar. <a href="https://twitter.com/steve_hanke/status/1670514970419707904">He wrote</a>:
<blockquote>
#Zimbabwe’s Pres. Mnangagwa is giving a masterclass in economic stupidity and corruption.
With annual inflation at a whopping 1 298%/yr, he continues to try to push Zimbabweans to use the Zim dollar. He is leading Zim to ruins.
</blockquote>
However, Hanke’s measurement of Zimbabwe’s rate of inflation is problematic as he seemingly only considers prices in Zimbabwe dollars, yet around 30% of transactions are conducted in the local currency, with the US dollar now dominant.
The Zimbabwe National Statistics Agency (ZIMSTAT), which measures inflation in the country, considers prices in both ZWL and USD to come up with a blended rate of inflation.
In May 2023, ZIMSTAT said the country’s month-on-month inflation rose to 15.7% after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April, said ZIMSTAT.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

"Mnangagwa Leading Zimbabwe To Ruins", Hanke Claims Inflation Is Now 1 298%

Zimbabwe’s month-on-month inflation rose to 15.7% in May after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April.
This was said by Zimbabwe National Statistics (ZIMSTAT) director-general Taguma Mahonde in Harare on Friday. He said:
<blockquote>
The month-on-month inflation rate in May 2023 was 15.7% gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The month-on-month inflation rate is given by the percentage change in the index of the relevant month compared with the index of the previous month.
The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the year compared with the index of the same month in the previous year.
</blockquote>
In March this year, Minister of Finance and Economic Development Mthuli Ncube announced that inflation will be measured using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Former Finance Minister Tendai Biti has said the move by the government to measure inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars is insincere and an attempt to conceal rising inflation.
Biti said the government always comes up with “ridiculous” policies in a bid to cover its “embarrassing failures”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Monthly Inflation Rate Jumped To 15.7% In May - ZIMSTAT

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>

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

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said inflation has stabilised as 70% of all transactions are in US dollars, reported <a href="https://www.newsday.co.zw/business/article/200009985/inflation-is-not-on-paper-you-feel-it-rbz-chief">NewsDay</a>.
Addressing delegates at the release of the Confederation of Zimbabwe Industries (CZI) 2022 Manufacturing Sector Survey last Thursday, Mangudya, however, acknowledged that there has been a widening between the official forex rate and the parallel market rate. He said:
<blockquote>
We have seen the parallel forex market widening over the past three weeks and we have an idea of what is causing it.
Our job is to make sure that we rein in that disparity between the official exchange rate and parallel market (one) and, of course, the effects to make sure it doesn’t go into the private system.
But on inflation, we are happy that it has been going down from about 30%, month-on-month in July 2022, to 0.7% in January, month-on-month, -1,6% in February, and 0,1% in March this year.
Inflation, Hon minister (Industry and Commerce Minister Sekai Nzenza) and colleagues is — if you are in hyperinflation you will feel it. You don’t see it on paper. Inflation is felt.
If you don’t feel inflation — never worry about people and statistics and don’t worry about historical issues, worry about month-on-month inflation.
</blockquote>
According to Zimstat, the annual inflation for March was 87.6%, down from 92.3% in February, while the month-on-month inflation was 0.1% last month from -1.6% in the comparative prior period.
The statistics were based on the new blended calculation measured using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Before the new “blended rate”, inflation was being measured using the local currency only.
A fall in inflation does not mean prices are decreasing. Rather, it reflects the slow pace of price increases.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabweans Not Feeling Inflation - Mangudya

Zimbabwe’s annual inflation rate dropped to 87.6 percent in March from 92.3 percent in February.
According to data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Monday, there was a marginal increase in the month-on-month inflation rate. ZIMSTAT said:
<blockquote>
The year-on-year inflation rate for the month of March 2023 as measured by the All-Items Consumer Price Index (CPI) was 87.6 percent this means that prices, as measured by the Consumer Price Index, increased by an average of 87.6 percent between March 2022 and March 2023.
</blockquote>
The month-on-month inflation rate in March 2023 was 0.1 percent gaining 1.7 percentage points on the February rate of minus 1.6 percent.
ZIMSTAT said the key drivers were social services and elements such as health and education.
ZIMSTAT is now measuring inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Before the new “blended rate”, inflation was being measured using the local currency only.
A fall in inflation does not mean prices are decreasing. Rather, it reflects the slow pace of price increases.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe's Annual Inflation Rate Falls

Economic commentators and trade unionists have criticised the move by authorities to use blended inflation as the benchmark of inflation reading in the country.
Last month the Zimbabwe National Statistics Agency (ZimStat) said the country will now measure inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Previously, the official rate was based only on items in Zimbabwe dollars in spite of the widespread use of US dollars and South African rand.
ZimStat Director General Taguma Mahonde recently told <a href="https://www.businessweekly.co.zw/blended-inflation-inadequate-for-economy-experts/">Business Weekly</a> that the local currency inflation will not be published anymore. He said:
<blockquote>
The S.I. 27 of 2023 which states that, “rate of inflation” means the general increase in price levels of goods and services measured as a weighted average based on the use of Zimbabwean dollars and United States dollars over a given period of time.
The dissemination of inflation rates with effect from the date of publication of this notice shall adopt this method of measuring inflation.
This implies that only the weighted inflation rates will be published.
For the avoidance of doubt, ZWL inflation figures will not be published as per the provision of the aforementioned SI.
Survey data revealed that 79,32 percent of the transactions occur in USD while 20,68 percent occur in local currency.
The weighted inflation reflects these ratios.
</blockquote>
However, economic commentators say using the blended inflation rate is problematic. Economist Prosper Chitambara said:
<blockquote>
The issue is a critical one because companies do not account in blended terms but exclusively in USDs or ZWL so it becomes an issue to have the blended rate as the benchmark inflation.
Interest rate calculation for those borrowing or collective bargaining is going to complicate things.
</blockquote>
Chitambara said the publication of both sets of inflation rates (Blended and ZWL) should continue because most employees earn ZWL and would need to use the rate for collective bargaining.
He argued that companies also report in ZWL and will continue to need the ZWL inflation in order to prepare inflation-adjusted figures.
Accountant, Kudzanai Mugwamba, said:
<blockquote>
It is tough to be an accountant right now because we are already struggling with which exchange rate is the most relevant one, now we are going to be comparing ZWL inflation-adjusted figures to blended inflation figures which then distorts the reporting.
</blockquote>
Trade unionist Peter Mutasa said:
<blockquote>
Blended inflation does not take into account the reality of most employees as they are predominantly paid exclusively in local currency as employers are refusing to pay in blended form. So this means that workers are going to be shortchanged by being underpaid and carrying the cost of exchange rate losses.
Employers will be at an advantage as they will use a lower and irrelevant inflation figure to calculate wages as there is no publishing of local currency inflation.
We will see workers not being able to feed their families because in reality local currency inflation is real and that is what they earn exclusively.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Blended Inflation Rate Problematic For Economy - Experts

Former Finance Minister Tendai Biti has said the recent move by the government to measure inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars is insincere and an attempt to conceal rising inflation.
Minister of Finance and Economic Development Mthuli Ncube on Friday announced that the country will now measure the “blended” inflation rate.
Biti said the government always comes up with “ridiculous” policies in a bid to cover its “embarrassing failures”. Said Biti:
The Reserve Bank has this incredible but ridiculous capacity of inventing dross and reselling the same.
<blockquote>
Zimbabweans remember the fiction of the 1:1 parity exchange between the Zim $ &amp; the US$.
Operation “gedye gedye” was an embarrassing failure whose sole motive was to cover up billions ..stolen from depositors.
The new fad on the scene is the creature called “ blended inflation “ meant to refer to inflation calculated on a blend of the US$ &amp; the RTGS$.
Inflation is the measure of the price movement of a good over a period of time. Any good has one price so the blend rate is pure undiluted heresy and is a disingenuous attempt to muddle the ever-rising rate of inflation.
Yet another example of incompetence &amp; mendacity of the Central Bank. One trapped in a huge Hypocrisy Trap. Zim inflation remains the highest in the world &amp; no amount of spin can change that.
</blockquote>
Using the blended rate, the Zimbabwe National Statistics Agency (ZIMSTAT) said the year-on-year inflation for February 2023 was 92.3% from 101.5% in January.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Before Friday’s move to measure the blended inflation rate, ZIMSTAT had measured annual inflation at 229.8% in January and 243.8% in December.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Blended Inflation Rate Is "Pure, Undiluted Heresy" - Biti

The month-on-month inflation rate in February 2023 dropped to -1.6 percent from the January 2023 rate of 0.7 percent, the Zimbabwe National Statistics Agency (ZIMSTAT) has said.
Negative inflation, or deflation, happens when prices generally fall in an economy either because the supply of goods is higher than the demand for those goods or the buying power of money becomes greater. ZIMSTAT said:
<blockquote>
The month-on-month inflation rate in February 2023 was -1.6 percent shedding 2.3 percentage points on the January 2023 rate of 0.7 percent.
… The year-on-year inflation rate (annual percentage change) for the month of February 2023 as measured by the all items Consumer Price Index (CPI) was 92.3 percent.
</blockquote>
ZIMSTAT used the blended rate to measure both the month-on-month inflation rate and the year-on-year inflation rate for the month of February 2023.
On Friday, the government announced that from now, inflation will be measured using a weighted average of items priced in Zimbabwean dollars and United States dollars. ZIMSTAT said:
<blockquote>
The year-on-year inflation rate is computed in accordance with SI 27 of 2023. The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year.
</blockquote>
According to Statutory Instrument 27 of 2023, “… ‘rate of inflation’ means the general increase in price levels of goods and services measured as a weighted average based on the use of Zimbabwean dollars and United States dollars over a given period of time.”
More: <a href="https://news.pindula.co.zw/">Pindula News</a>

Month-on-month Inflation Rate For February Falls To -1.6%

The Minister of Finance and Economic Development Mthuli Ncube on Friday announced that from now, inflation will be measured using a weighted average of items priced in Zimbabwean dollars and United States dollars.
According to Statutory Instrument 27 of 2023, “… ‘rate of inflation’ means the general increase in price levels of goods and services measured as a weighted average based on the use of Zimbabwean dollars and United States dollars over a given period of time.”
Using the blended rate, the Zimbabwe National Statistics Agency (ZIMSTAT) said the year-on-year inflation for February 2023 was 92.3% from 101.5% in January.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Before today’s move to measure the blended inflation rate, ZIMSTAT had measured annual inflation at 229.8% in January and 243.8% in December.
The government reintroduced the Zimbabwean dollar in 2019 after a decade of dollarisation.
In 2020, the multi-currency system was re-introduced and since then, the United States dollar has progressively become the dominant currency in domestic transactions, with USD usage now over 75% in the economy.
In 2022, the government said the multi-currency system would be maintained for a further five years.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Govt Adopts "Blended" Inflation Rate Based On USD, Zim Dollar

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