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Welder

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General Trade Business Development Manager (Harare)

<a href="https://www.pindula.co.zw/Obert_Masaraure/">Obert Masaraure</a>, the spokesperson for the Crisis in Zimbabwe Coalition (CiZC), says the sharp decline of the Zimbabwean dollar (ZWL) could be disastrous for rural communities, as they lack financial literacy.
Masaraure who is also the president of the Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) said many people in rural areas depend on savings from farming produce to survive, and with the ongoing devaluation of the ZWL, they are at risk of becoming impoverished.
He said the lack of financial knowledge among rural communities also makes them vulnerable to inflation and price fluctuations. The rising food prices ahead of the elections have made matters worse for the rural population. He said:
<blockquote>
People in rural areas survive on savings from farming produce. With the continuous ZWL devaluation, the rural community will be rendered impoverished. 
Rural communities are unable to make informed decisions to hedge their savings from the marauding inflation, which leaves them more vulnerable. They are not informed about the value of the ZWL against the greenback and some are selling wares at a loss.
</blockquote>
There are concerns <a href="https://www.pindula.co.zw/2023/06/010/zanu-pf-officials-fear-economic-crisis-may-cost-election-seats/">within the ruling ZANU PF</a> that the state of the economy may have an impact on the outcome of the August 23 harmonised elections. This is particularly worrying since the rural population is the constituency where the party has the majority of its support. 
According to official reports, on June 14, 2023, the exchange rate of the Zimbabwean dollar (ZWL) to the United States dollar was ZWL$ 5,978. However, by June 20, 2023, the exchange rate had fallen to ZWL$ 6,926.5764 to the dollar. This represents a significant decline in the value of the ZWL against the US dollar within a short period. The depreciation of the Zimbabwean dollar is more severe on the black market, where the United States dollar is being sold at around ZWL$ 7,900. 
The rapid devaluation of the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a> (ZWL$) in recent months has resulted in businesses increasing the prices of their goods and services. This development has affected many Zimbabweans, especially government workers who receive their salaries in the local currency. Despite the significant depreciation of the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe dollar</a>, the salaries of government workers have remained relatively unchanged. As a result, the depreciation of the currency has eroded the value of their salaries, leaving them worse off financially. This situation has caused significant concerns among government workers who are struggling to make ends meet due to rising costs of living. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Crisis In Zimbabwe Coalition Warns The Decline Of The ZWL Could Be Disastrous For Rural Areas

The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200.
The increase in bread prices has occurred in the context of a rapidly depreciating Zimbabwean Dollar and macroeconomic instability that has persisted in recent months. 
Award-winning journalist, Hopewell Chin’ono, says the upsurge has been attributed to the decline of the Zimbabwean Dollar, which has resulted from misplaced economic policies and corrupt governance characterized by the misappropriation of public funds and the exploitation of the country’s natural resources. He said on Twitter:
<blockquote>
Meanwhile in Zimbabwe bread has gone up inside 12 hours from Z$10,000 to Z$12,200. This has been caused by a crashing Zimbabwean Dollar due to misplaced economic policies and corrupt rule driven by the looting of public funds and plunder of the country’s natural resources.
<img alt="The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200." class="size-full wp-image-258431 aligncenter" decoding="async" height="680" loading="lazy" sizes="(max-width: 601px) 100vw, 601px" src="https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price.jpeg 601w, https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price-265x300.jpeg 265w" width="601"/>
</blockquote>
The fluctuations in the performance of the economy have resulted from a combination of factors, including misplaced economic policies, corruption, and mismanagement of public resources, among others. These factors have contributed to high inflation rates, a decline in the value of the local currency, and a decrease in the purchasing power of citizens. 
The Minister of Finance and Economic Development, Professor Mthuli Ncube, and the Reserve Bank of Zimbabwe have recently implemented a series of measures to stabilize the economy. However, there are no indications at present that these measures have been effective in achieving their intended outcomes.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Bread Price In Zimbabwe Surged From Z$10,000 To Z$12,200 In 12 Hours

Some Zimbabweans are unhappy about reports that President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa">Emmerson Mnangagwa</a> has <a href="https://news.pindula.co.zw/2023/04/29/mnangagwa-buys-luxurious-us54-million-presidential-jet/">purchased a US$54 million presidential jet,</a> a Dassault Falcon 7X, while the majority of the population lives in poverty.
The aircraft was reportedly delivered in March but was not put into service until last week when Mnangagwa attended the Transform Africa Summit in Victoria Falls.
The president also used the jet to travel with King Mswati III of Eswatini to Bulawayo for the opening of the Zimbabwe International Trade Fair.
Economists, social and political commentators have criticised the government for having misguided priorities, especially at a time when the country is suffering from economic decline. Economist <a href="https://www.pindula.co.zw/Gift_Mugano">Gift Mugano</a> told NewsDay that the government was failing to prioritise areas that were struggling due to the economic situation. He is quoted as saying:
<blockquote>
 My arguments are guided by the issue of priorities. One of the major priorities for us as a country should be the health sector. The US$54m used to buy the jet could boost the health sector for a whole year (because) the money can be used in our ailing hospitals and clinics.
</blockquote>
Mugano suggested that Mnangagwa should follow the example of his Zambian counterpart, Hakainde Hichilema, who sold top-of-the-range vehicles reserved for the president to prioritize public services.
Lawyer Sharon Hofisi said the purchase of a private jet for the President raises questions about accountability and transparency. Hofisi added that the acquisition was not budgeted for, and the government has not been transparent about how the jet was paid for or who will bear the ongoing costs of operating the jet. Hofisi pointed out that the purchase of a private jet for the President during a time of social and economic difficulties in Zimbabwe raises concerns about the government’s priorities and its dedication to addressing the needs of citizens.
Former Cabinet minister <a href="http://pindula.co.zw/Gorden_Moyo">Gorden Moyo</a>, who served in the 2009-2013 Government of National Unity, expressed concerns about Mnangagwa’s unscheduled spending. Moyo criticised the acquisition during a time of poverty, unemployment, inequality, low salaries for civil servants, and poor pensions for senior citizens. He pointed out that the purchase was indicative of a crisis of leadership, moral rectitude, and a moral crisis that had eroded hope in the second republic.
<a href="https://www.pindula.co.zw/Farai_Maguwu">Farai Maguwu</a>, the director of the Centre for Natural Resource Governance, said while it is unclear where the money for the jet came from, the purchase was inappropriate given the country’s current state. Maguwu noted that the country’s health system and infrastructure were in disarray, and life expectancy had decreased due to a collapsed health delivery system. 
<a href="https://www.pindula.co.zw/Nick_Mangwana">Nick Mangwana</a>, the permanent secretary of the Information Ministry, stated that he was not aware of the purchase of any plane.
Last year, officials from the Treasury expressed concern about the large expenses for chartering aircraft for Mnangagwa, who has been using private jets for his international travel. The Zimbabwean government has not disclosed how private jets are hired.
President Mnangagwa has been using Dubai-registered private jets for his foreign and domestic travels since coming to power in 2017. He claimed that <a href="https://www.pindula.co.zw/2022/08/25/chiwenga-flies-to-togo-on-private-jet-linked-to-libyan-renegade-military-commander-khalifa-haftar">his travels are financed by the United Arab Emirates government</a>, and during a meeting with the Crown Prince of Abu Dhabi, <a href="https://www.pindula.co.zw/2022/08/25/chiwenga-flies-to-togo-on-private-jet-linked-to-libyan-renegade-military-commander-khalifa-haftar">he was promised access to planes whenever he needs to travel. </a>
However, critics are concerned that Mnangagwa’s willingness to accept gifts from foreign governments could be linked to opaque transactions that benefit his benefactors. Some speculate that Dubai-registered jets flying into Harare could be delivering scarce US dollars to the regime and smuggling out gold. The UAE reported gold imports from Africa valued at over $16 billion in 2016, and the country ranked third globally in gold exports, with a total value of $25.4 billion or 7.8% of total world exports, according to the Financial Action Task Force (FATF).
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabweans Unhappy Over Alleged Purchase Of A US$54 Million Presidential Jet

American economist Steve Hanke says the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> needs to be disbanded, blaming the central bank for all the inflationary problems facing the country.
Hanke said there was a need for Zimbabwe to consider having a currency board. <a href="https://www.newsday.co.zw/local-news/article/200000140/disband-rbz-hanke">NewsDay Zimbabwe</a> quotes him as saying:
<blockquote>
You got to get the Reserve Bank out of the picture. The Reserve Bank is a real problem and that is one reason, by the way, that dollarisation went away after the unity government collapsed in 2013 because the central bank was there, ready to go, and they have done nothing but bad things ever since. They were doing nothing but bad things before, but they are doing bad things, obviously, now, very bad things. So that is one option.
About the only thing I would say about a currency board in Zimbabwe since I don’t trust the legal system in Zimbabwe or don’t trust the monetary authorities, I would suggest that the currency board should be located in Switzerland. It would issue Zimdollars and the reserves would be kept in Switzerland. It would operate under Swiss law.
</blockquote>
<h2>Composition of the currency board:</h2>
He said it should be comprised of 5 board members, 2 from Zimbabwe, and three would be from foreign countries not close to Zimbabwe geographically. He says they wouldn’t be from Zambia or South Africa. 
Zimbabwe has since 2007 been experiencing a currency crisis. In 2009, the southern African country ditched its own currency, the Zimbabwe dollar, following record-high hyperinflation of  231 million per cent, according to official statistics.
As of August, the <a href="https://news.pindula.co.zw/2022/08/27/annual-inflation-falls-to-106-3-in-august-zimstat/">annual inflation rate stood at 285.02%, up from 256.9% in July</a>, according to the Zimbabwe National Statistics Agency.
According to the RBZ, <a href="https://news.pindula.co.zw/2022/09/06/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-06-september-2022/">the local currency is trading at $580</a> to the greenback.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

American Economist Says RBZ Should Be Disbanded

Former Finance and Economic Development Minister during the Government of National Unity (GNU), Tendai Biti Wednesday said it was known that “trillions of dollars being paid in cartels constructing roads” were driving inflation.
He told parliamentarians on Wednesday that the printing of Zimbabwe dollars to pay cartels in the construction industry was fuelling inflation. <a href="https://www.newzimbabwe.com/biti-to-mthuli-stop-pretending-ignorance-you-that-that-trillions-printed-by-govt-to-pay-cartels-causing-hyper-inflation/">NewZimbabwe.com</a> cites him as saying:
<blockquote>
We know what is driving inflation and, as he knows, it is the trillions of dollars being paid to cartels constructing roads and cartels that are coming from the auction floor.
</blockquote>
The Harare East legislator Tendai Biti told Finance Minister Mthuli Ncube Wednesday to stop pretending to be ignorant about the causes of hyperinflation in the country.
Last month the government suspended payments to contractors with Finance Ministry permanent secretary George Guvamatanga accusing the companies of submitting invoices of cash for goods and services using parallel market rates.
The US dollar has been changing hands for between Z$700 and Z$800, more than 40% higher than the official Reserve Bank of Zimbabwe (RBZ) rate.
Inflation in the Southern African country has been going up in recent years with authorities struggling to get a sustainable solution.
The Zimbabwe National Statistics Agency (ZIMSTAT) last week reported that the country’s inflation rate had eased to 106.3 % from 257%.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Biti Says "Trillions Of Dollars Being Paid To Cartels Constructing Roads" Driving Inflation

The <a href="https://www.pindula.co.zw/Zimbabwe_Revenue_Authority">Zimbabwe Revenue Authority (ZIMRA)</a> surpassed by 36.84% its target for cumulative net revenue collections for the first half of the year, owing to intensified compliance strategies.
The cumulative net revenue collections were $491.49 billion up from an initial target of $359.16 billion for the first half and rose about 84% from $195.17 billion at the end of the comparative 2021 period.
In its newly released annual report, seen by <a href="https://www.newsday.co.zw/2022/07/zimra-surpasses-h1-net-revenue-target/">NewsDay</a>, ZIMRA said due to this performance it is expected to surpass its net revenue collection target of $809.4 billion by year-end. Read the statement:
<blockquote>
The authority started the year 2022 on a positive note with the first half (H1: 01 January to 30 June 2022) cumulative net revenue collections of $491,49 billion against a target of $359,16 billion (36,84% above target). The 2022 annual revenue target of $809,40 billion is likely to be reviewed upwards in the second half of 2022.
Going forward, the authority expects to collect net revenue in excess of $951 billion, supported by intensified implementation of various compliance strategies to ensure timely and accurate tax remittances from different taxpayer segments. Real revenue growth is anticipated to exceed 10% supported by the improving manufacturing sector capacity utilisation and the anticipated mining sector growth in which the industry is expected to meet the US$12 billion-dollar target by 2023.
</blockquote>
ZIMRA added that infrastructure developments, particularly, the completion of part of the Beitbridge- Chirundu Highway that links Zimbabwe to the North-South Corridor are expected to play a huge role.
The taxman added that inflation and exchange rate depreciation will also result in higher nominal revenue growth since the depreciating local currency against the United States dollar results in ZIMRA collecting higher taxes.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZIMRA Surpasses Target For Cumulative Net Revenue Collections For 2022 Q1

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya Saturday said his meeting with the business community on Sunday was meant to make authorities understand the root cause of an increase in prices of commodities lately. 
The all-stakeholder forum was attended by representatives of retailers, producers, wholesalers and everyone involved in the value chain.
Mangudya said the meeting would explore sustainable solutions to the widespread parallel market pricing that is eroding economic stability. Mangudya spoke to The Chronicle on Saturday:
<blockquote>
We are going to meet all the business community, the producers, retailers, and wholesalers so that we find a sustainable solution.
It has come to our attention that everyone in this country has become a price taker, so we want to find out who is causing it. It’s not about arresting people; it’s about understanding the real cause of what’s happening.
The most sustainable way of running a business or running a country is not arresting, but it’s about understanding the behaviour and behaviour dynamic is not a fundamental.
</blockquote>
Mangudya said for businesses to operate viably, they require a stable environment adding that the pricing dilemma caused by parallel market activities was threatening the macro-economic gains the country has so far achieved.
Confederation of Zimbabwe Retailers (CZR) president Mr Denford Mutashu urged the government to set up an inter-ministerial committee to interrogate the foreign currency exchange rate challenges. 
He said the prevailing pricing dilemma is a warning for most retailers and wholesalers of the tough times ahead. The parallel market rate has been rising lately after months of stability following the adoption of the Dutch Foreign Currency Auction System by the RBZ last year. 
More: <a href="https://www.chronicle.co.zw/rbz-summons-businesses-over-price-madness/">The Chronicle</a>

RBZ Governor Meets Business Community Over "Pricing Madness"

The leader of opposition MDC Alliance, Nelson Chamisa has said the economic “stability” which Zimbabwe is enjoying lately is fragile predicting that it will not last.
He posted on Twitter this Thursday pledging that if or when his party comes to power, they will come up with sound policies that will influence sustainable development. He said:
<blockquote>
The economic ‘stability’ is fragile stability and is not going to last! The 2 giant elephants in the room are exchange rate disparities between the formal rate &amp; black markets which are far apart by 100% (the black market rate is 2x the official rate) and corruption.
The exchange rate disparities and the punitive export retention negatively affect exporters – the goose which lays the golden eggs. This has created arbitrage opportunities and unofficial forex trading which will worsen the disparities, total collapse of the auction system.
Our New Government will institute a market-sensitive, people-centred &amp; development-oriented sound economic policies which are predictable, consistent, investor-friendly &amp; business-boosting thus fostering an enabling business environment which guarantees return on investments.
</blockquote>
The government attributes the current stability and projected growth to a cocktail of measures that were introduced since 2017 when the incumbent government came to power.
Zimbabwe is scheduled to hold general elections in 2023 and the state of the economy will play a critical role in deciding the next government.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

The Economic "Stability" Is Fragile, Won't Last! - Chamisa

Restaurant chain, Simbisa Brands Limited (SBL) will spend US$19.3 million on 92 new stores for its 2022 financial year as it seeks to expand.
This comes as part of the group’s efforts to decrease the impact of COVID-19 restrictions that have meant fewer trading hours for the company on a daily basis. SBL independent non-executive chairman Addington Chinake said:
<blockquote>
The group’s focus remains on growing our footprint with 92 new stores in the pipeline in FY22 at an estimated investment cost of US$19,3 million. Of these stores, eight will be drive-thru sites in line with increased focus on diversifying the group’s customer service channels. 
</blockquote>
It was also announced that the group will continue to invest in growing the dial-a-delivery (DAD) business across all its markets leveraging on a refreshed DAD mobile application.
Other investments will include customised tech-enabled logistics management, call-centre platforms and expanded delivery zones.
SBL also operates restaurants in Kenya, Zambia, Ghana, Mauritius, Namibia, Swaziland, Malawi, and the Democratic Republic of Congo.
During its financial year that ended June 30, 2021, SBL recorded an increase in revenue of $18.79 billion up from a 2020 comparative of $9.044 billion. 
The increase is attributed to increased sales through delivery channels and aggressive cost-containment measures.
More: <a href="https://www.newsday.co.zw/2021/09/simbisa-in-us193m-expansion-drive/">NewsDay Zimbabwe</a>

Simbisa Brands To Spend US$19.3M On 92 New Stores

<div class="highcharts_basic_area_chart" data-highcharts-chart="1" id="wpDataChart_6">
<div class="highcharts-container" dir="ltr" id="highcharts-lca08zs-34">Zimbabwe’s economy has been inflationary for the past twenty-four months. We present below normal inflation figures, and not blended inflation figures from June 2018- November 2020.</div>
<div dir="ltr"></div>
</div>
<table class="tablepress tablepress-id-176 tablepress-responsive" id="tablepress-176" style="height: 826px;" width="645">
<tbody class="row-hover">
<tr class="row-1 odd">
<td class="column-1">Year</td>
<td class="column-2">Month</td>
<td class="column-3">Annual</td>
<td class="column-4">Monthly</td>
</tr>
<tr class="row-2 even">
<td class="column-1">2018</td>
<td class="column-2">June</td>
<td class="column-3">62.62</td>
<td class="column-4">-0.05</td>
</tr>
<tr class="row-3 odd">
<td class="column-1"></td>
<td class="column-2">July</td>
<td class="column-3">63.23</td>
<td class="column-4">0.98</td>
</tr>
<tr class="row-4 even">
<td class="column-1"></td>
<td class="column-2">August</td>
<td class="column-3">63.48</td>
<td class="column-4">0.39</td>
</tr>
<tr class="row-5 odd">
<td class="column-1"></td>
<td class="column-2">September</td>
<td class="column-3">64.06</td>
<td class="column-4">0.92</td>
</tr>
<tr class="row-6 even">
<td class="column-1"></td>
<td class="column-2">October</td>
<td class="column-3">74.59</td>
<td class="column-4">16.44</td>
</tr>
<tr class="row-7 odd">
<td class="column-1"></td>
<td class="column-2">November</td>
<td class="column-3">81.45</td>
<td class="column-4">9.20</td>
</tr>
<tr class="row-8 even">
<td class="column-1"></td>
<td class="column-2">December</td>
<td class="column-3">88.45</td>
<td class="column-4">9.03</td>
</tr>
<tr class="row-9 odd">
<td class="column-1">2019</td>
<td class="column-2">January</td>
<td class="column-3">98.35</td>
<td class="column-4">10.75</td>
</tr>
<tr class="row-10 even">
<td class="column-1"></td>
<td class="column-2">February</td>
<td class="column-3">100.00</td>
<td class="column-4">1.67</td>
</tr>
<tr class="row-11 odd">
<td class="column-1"></td>
<td class="column-2">March</td>
<td class="column-3">104.38</td>
<td class="column-4">4.38</td>
</tr>
<tr class="row-12 even">
<td class="column-1"></td>
<td class="column-2">April</td>
<td class="column-3">110.14</td>
<td class="column-4">5.52</td>
</tr>
<tr class="row-13 odd">
<td class="column-1"></td>
<td class="column-2">May</td>
<td class="column-3">123.95</td>
<td class="column-4">12.54</td>
</tr>
<tr class="row-14 even">
<td class="column-1"></td>
<td class="column-2">June</td>
<td class="column-3">172.61</td>
<td class="column-4">39.26</td>
</tr>
<tr class="row-15 odd">
<td class="column-1"></td>
<td class="column-2">July</td>
<td class="column-3">208.92</td>
<td class="column-4">21.04</td>
</tr>
<tr class="row-16 even">
<td class="column-1"></td>
<td class="column-2">August</td>
<td class="column-3">246.68</td>
<td class="column-4">18.07</td>
</tr>
<tr class="row-17 odd">
<td class="column-1"></td>
<td class="column-2">September</td>
<td class="column-3">290.39</td>
<td class="column-4">17.72</td>
</tr>
<tr class="row-18 even">
<td class="column-1"></td>
<td class="column-2">October</td>
<td class="column-3">402.92</td>
<td class="column-4">38.75</td>
</tr>
<tr class="row-19 odd">
<td class="column-1"></td>
<td class="column-2">November</td>
<td class="column-3">473.28</td>
<td class="column-4">17.46</td>
</tr>
<tr class="row-20 even">
<td class="column-1"></td>
<td class="column-2">December</td>
<td class="column-3">551.63</td>
<td class="column-4">16.55</td>
</tr>
<tr class="row-21 odd">
<td class="column-1">2020</td>
<td class="column-2">January</td>
<td class="column-3">473.00</td>
<td class="column-4">2.20</td>
</tr>
<tr class="row-22 even">
<td class="column-1"></td>
<td class="column-2">February</td>
<td class="column-3">540.16</td>
<td class="column-4">13.52</td>
</tr>
<tr class="row-23 odd">
<td class="column-1"></td>
<td class="column-2">March</td>
<td class="column-3">676.39</td>
<td class="column-4">26.59</td>
</tr>
<tr class="row-24 even">
<td class="column-1"></td>
<td class="column-2">April</td>
<td class="column-3">756.57</td>
<td class="column-4">17.64</td>
</tr>
<tr class="row-25 odd">
<td class="column-1"></td>
<td class="column-2">May</td>
<td class="column-3">785.55</td>
<td class="column-4">15.13</td>
</tr>
<tr class="row-26 even">
<td class="column-1"></td>
<td class="column-2">June</td>
<td class="column-3">737.26</td>
<td class="column-4">31.66</td>
</tr>
<tr class="row-27 odd">
<td class="column-1"></td>
<td class="column-2">July</td>
<td class="column-3">837.53</td>
<td class="column-4">35.53</td>
</tr>
<tr class="row-28 even">
<td class="column-1"></td>
<td class="column-2">August</td>
<td class="column-3">761.02</td>
<td class="column-4">8.44</td>
</tr>
<tr class="row-29 odd">
<td class="column-1"></td>
<td class="column-2">September</td>
<td class="column-3">659.40</td>
<td class="column-4">3.83</td>
</tr>
<tr class="row-30 even">
<td class="column-1"></td>
<td class="column-2">October</td>
<td class="column-3">471.25</td>
<td class="column-4">4.37</td>
</tr>
</tbody>
</table>
<h4 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="25.2px">A note on blended inflation:</h4>
The blended CPI is used because of the dual pricing system we have in the economy where the country has USD and ZWL$ prices. The general or normal CPI is based on the ZWL$ pricing system.
More: <a href="https://twitter.com/zimpricecheck/status/1339056660158046208" rel="noopener noreferrer" target="_blank">ZimPrice Check</a>

Zimbabwe's Inflation Trend Since June 2018

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<div class="css-1dbjc4n r-1awozwy r-18kxxzh r-zso239">
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<div class="css-1dbjc4n r-1twgtwe r-sdzlij r-rs99b7 r-1p0dtai r-1mi75qu r-1d2f490 r-1ny4l3l r-u8s1d r-zchlnj r-ipm5af r-o7ynqc r-6416eg">A recent report by the Zimbabwe National Statistics Agency (ZIMSTAT) has indicated that the country’s month on month inflation rose from where it was in October. The statistics agency posted on its social media pages:</div>
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<div aria-expanded="false" aria-haspopup="true" aria-label="More" class="css-18t94o4 css-1dbjc4n r-1777fci r-11cpok1 r-1ny4l3l r-bztko3 r-lrvibr" data-focusable="true" data-testid="caret" role="button" tabindex="0">
<div class="css-901oao r-1awozwy r-m0bqgq r-6koalj r-1qd0xha r-a023e6 r-16dba41 r-1h0z5md r-ad9z0x r-bcqeeo r-o7ynqc r-clp7b1 r-3s2u2q r-qvutc0" dir="ltr">
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<blockquote>
<div class="css-1dbjc4n r-1niwhzg r-sdzlij r-1p0dtai r-xoduu5 r-1d2f490 r-xf4iuw r-1ny4l3l r-u8s1d r-zchlnj r-ipm5af r-o7ynqc r-6416eg">The month on month <a href="https://www.pindula.co.zw/Zimbabwe_Inflation_Rates">inflation rate</a> in November 2020 was 2.25% gaining 0.82 percentage points on the October 2020 rate of 1.43% based on a Blended <a href="https://www.pindula.co.zw/Consumer_Price_Index_(CPI)">Consumer Price Index.</a></div>
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<blockquote>
The year on year inflation rate (annual percentage change) for the month of November 2020 as measured by the all items <a class="link-complex" href="https://twitter.com/search?q=%23BCPI" rel="hashtag noopener noreferrer" target="_blank">#BCPI</a> stood at 214.99 %. The <a class="link-complex" href="https://twitter.com/search?q=%23BCPI" rel="hashtag noopener noreferrer" target="_blank">#BCPI</a> for the month ending November 2020 stood at 104.67 compared to 102.37 in October 2020 and 33.23 in November 2019.
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The month on month inflation rate in November 2020 was 3.15 % shedding 1.22 percentage points on the October 2020 rate of 4.37%. This rate was based on a general Consumer Price Index.
The year on year inflation rate (annual percentage change) for the month of November 2020 as measured by the all items <a class="link-complex" href="https://twitter.com/search?q=%23CPI" rel="hashtag noopener noreferrer" target="_blank">#CPI</a> stood at 401.66 %. The <a class="link-complex" href="https://twitter.com/search?q=%23CPI" rel="hashtag noopener noreferrer" target="_blank">#CPI</a> for the month ending November 2020 stood at 2, 374.24 compared to 2, 301.67 in October 2020 and 473.28 in November 2019.
The blended CPI is used because of the dual pricing system we have in the economy where the country has USD and ZWL$ prices. The general CPI is based on the ZWL$ pricing system.
More: <a href="https://twitter.com/zimstat/status/1336369883404234754" rel="noopener noreferrer" target="_blank">ZIMSTAT Twitter</a>

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ZIMSTAT: Country's Month on Month Inflation Goes Up

ZIMSTAT has this Sunday released data on Zimbabwe’s inflation which indicated that month-on-month inflation for January 2020 was 2.23%, down from 16.55% in December 2020.
Zimstat will resume publishing annualised inflation data next month, starting with the February 2020 figures.
The data maybe be consistent with the World Bank’s projections of 2019 which observed that <a href="https://www.worldbank.org/en/country/zimbabwe/overview">inflation would slow down in 2020</a>.
This is also consistent with Finance Minister Professor Mthuli Ncube’s projection that the inflation will fall in 2020. He added that the economy will bank much on rainfalls which have a direct impact on energy and agriculture sectors which in turn have a trickle-down effect on other sectors.
The data can be confusing to the common man as the prices of basic commodities including the scarce mealie-meal have been going up as the local currency continues to shed value against foreign currencies particularly the United States dollar.
The inflation in the country is the pushing factor that coerced workers into engaging the employer in a bid to influence a salary increase.
Workers have since last year been arguing that the soaring inflation has eroded their salaries leaving them incapacitated to execute their contractual duties and responsibilities.
More: <a href="https://twitter.com/newswireZW/status/1228981176112730112">newZWire</a>

Zimbabwe’s Month-On-Month Inflation For January 2020 Drops By 14.23% - ZIMSTAT

Data from Zimbabwe National Statistical Agency suggests that month on month inflation has dropped significantly, from 38,75% in October to 17.6% in November, the Herald has reported.
The month on month food and the non-alcoholic beverages inflation rate is reported to have been 22,63% in November down from the October rate of 48,35% while non-food inflation rate stood at 13,94% from 32,90% in October.
This comes when Finance Minister, Professor Mthuli Ncube projected in his 2020 national Budget that Zimbabwe’s monthly inflation rate will fall to 10% by December on account of ongoing fiscal and monetary policy reforms.
The report also comes after Ncube in a televised midterm fiscal policy review in August revealed that the nation’s statistical body will not be publishing annualised inflation numbers until February of next year, to enable the government to collect more data comparing price information on a like-for-like basis.
Meanwhile, the International Monetary Fund reported in September that annual inflation in Zimbabwe was 300% in August, making it the highest in the world at that time.
The international financial institution also revealed that annualised inflation in Zimbabwe was measured at 175.66% in June, up from 97.85% in May.
More: <a href="https://www.herald.co.zw/inflation-drops-to-176pc/">The Herald</a>

Month On Month Inflation In Significant Decline - REPORT

Zimbabwe’s Finance and Economic Development Minister, Professor Mthuli Ncube has said that his projections as indicated in the 2020 Budget Statement presented in Parliament last week were not farfetched.
Ncube said that the optimism with which the government has must not be mistaken for the government’s ignorance of the deteriorating state of affairs. He added:
<blockquote>Rather, because our optimism is based on cold, hard facts. And these facts are that for the past year, our responsible austerity measures and the reclaiming of Zimbabwe’s monetary and fiscal fate have put our economic vision on firm foundations.
I have taught this mantra at some of the world’s finest universities, and it remains true: If the fundamentals are right, growth will follow.</blockquote>
Meanwhile, there are some analysts who believe that Ncube’s projections are not only utopian but are also not informed by reality on the ground.
Ncube’s remarks come when Zimbabwe’s socio-economic woes continue to mount due to power deficits, soaring inflation, and drought as well as the standoff between the ruling ZANU PF and the opposition MDC.
More: <a href="https://www.herald.co.zw/growth-demands-productivity-zimbabwe-demands-jobs/">The Herald</a>

"Our Optimism Is Based On Cold, Hard Facts," Finance Minister

The Public Accountants and Auditors Board (PAAB) has revealed that Zimbabwe’s economy is now hyperinflationary. The Board further urged entities that report on inflation to use the IAS 29 model which lists factors that indicate that an economy is hyperinflationary. Below are excerpts from the PAAB public pronouncement.
<blockquote>According to IAS 29: Financial Reporting in Hyperinflationary Economies, it is preferable that all entities that report in the currency of the same hyperinflationary economy apply this Standard from the same date.
Following the processes indicated above, the PAAB can advise that there is broad market consensus within the accounting and auditing professions that the factors and characteristics to apply the Financial Reporting in Hyperinflationary Economies Standard (IAS 29), in Zimbabwe, have been met.
…
This Public Pronouncement covers the preparation and presentation of financial statements of entities operating in Zimbabwe for the financial periods ended on or after 1 July 2019.</blockquote>
The development comes when the inflation in the country has been constantly rising since the over 24 months ago as prices of commodities are being increased on an unparalleled rate.
Meanwhile, the Ministry of Finance projects that the country’s inflation will drop to around 10% before year-end before it goes down to around 2% in 2020.
More: <a href="https://zimpricecheck.com/analysis-and-opinion/confusion-as-paab-orders-accountants-to-adjust-financial-statements-for-inflation/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=confusion-as-paab-orders-accountants-to-adjust-financial-statements-for-inflation">Zim Price Check</a>

"Zimbabwe's Economy Is Now Hyperinflationary," - PAAB

The Ministry of Finance has in its Pre-Budget Strategy Paper (BSP) has projected the country’s economy to drop this year before it regains in 2020.
The BSP projected that the month on month inflation that was said to be around 37 per cent in June would drop to 10 per cent this year before further falling to around 2 at the end of 2020. Part of the BSP reads:
<blockquote>However, in 2020, the economy is projected to turn around building on the success of the ongoing reform initiatives and premised on the following broader assumptions; improved rainfall season, which should enhance agriculture production and electricity generation with trickle-down effects to all other sectors, recovery in aggregate demand, improved foreign currency availability and improved macro-fiscal stability and business confidence. As a result, the economy is projected to grow by 4.6 per cent in 2020.</blockquote>
The government attributes the economic state of affairs to a cocktail of issues including reduced agriculture yields, Cyclone Idai destruction, the drastic drop in electricity generation and weakening of aggregate demand which all had an impact on other sectors.
Meanwhile, analysts argue that it is important for authorities to instil confidence in the general populace and also to engage all stakeholders in governance issues.
More: <a href="https://www.chronicle.co.zw/zim-targets-single-digit-inflation-government/">The Chronicle</a>

Govt Says "Inflation To Significantly Drop This Year, Forex Availability To Improve ..."

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