Zimbabwe’s Weighted Monthly Inflation Rises by 0.5%

Zimbabwe’s monthly inflation rose to 0.4% in August 2024 as the local currency, ZiG, depreciated on the parallel market.

Data published by the Zimbabwe National Statistics Agency (Zimstat) on Monday, August 26, shows that the weighted month-on-month inflation rate was 0.5 percentage points on the July rate rate of –0.1%. Said Zimstat:

The weighted month-on-month inflation rate was 0.4% in August 2024, gaining 0.5 percentage points on the July 2024 rate of –0.1 per cent.

Zimstat said the US dollar inflation rate for the period was 0, 2% gaining 0.3 percentage points on the July 2024 rate of –0.1 per cent.

The year-on-year inflation rate for August 2024, as measured by the all-items USD Consumer Price Index (CPI), was 3.7%.

For the ZiG currency, the month-on-month inflation rate reached 1.4% in August 2024 and gained 1.5% on the July 2024 rate of -0.1 per cent.

This means that prices as measured by the all-items ZiG CPI, increased by an average of 1.4% between July 2024 and August 2024.

Zimstat said the Food Poverty Line (FPL) for one person in August 2024 was ZiG 405.41. FPL represents the amount of money that an individual requires to afford a daily minimum energy intake of 2,100 calories.

The Total Consumption Poverty Line (TCPL) for one person in August 2024 was ZiG 631.86. The TCPL is derived by adding the non-food consumption expenditures of an individual below the FPL.

Mashonaland East had the highest ZiG inflation rate of 2% followed by Mashonaland West and Manicaland at 1,8% respectively with Mashonaland Central experiencing the least inflation rate at 0,7%.

More: Pindula News