According to the Zimbabwe National Statistics Agency (ZIMSTAT), an average family of six now needs a minimum of ZWL$5.4 million to cover their monthly expenses. This represents a 65.8% increase compared to the figures recorded last month.
ZIMSTAT also revealed that the Total Consumption Poverty Line (TCPL) for one person was ZW$ 916,225.50 in March 2024. Said ZIMSTAT:
<blockquote>
This means that an individual required that much to purchase both non-food and food items as of March 2024 in order not to be deemed poor.
This represents an increase of 65.8 per cent when compared to the February 2024 figure of ZWL$552,745.80.
</blockquote>
The Food Poverty Line (FPL) for one person in March 2024 was ZWL$701,236.89. This means that the minimum needs basket cost that much per person in March 2024. This represents an increase of 62.2 per cent over the February 2024 figure of ZWL$432,454.90.
The Zimbabwe dollar has plummeted over the past few weeks which economic commentators have blamed on the excessive printing of money by the central bank that is not backed by value.
On Friday, March 22, the Zimbabwean dollar crossed a notable threshold, falling below 20,000 against the US dollar. This decline occurred after it had previously dropped below the 10,000 level in late January.
The local currency was trading at 20,389 per greenback, indicating a cumulative decline of 70% since the beginning of the year.
Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, recently Zimbabwe will always have a local currency even though currently, the US dollar is used for 80% of all commerce in the country.
Ncube said the monetary policy statement (MPS), which is overdue by two months, will be released soon, adding that there are ongoing consultations with experts within the government and other stakeholders.
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Zimbabwean Family Of Six Now Requires $5.4 Million Per Month

The Consumer Council of Zimbabwe (CCZ) says a low-income urban family of six now needs just over $1 million a month to survive, up from $611 275 in April.
CCZ director Rosemary Mpofu said the cost of living rose by 62% between April and May in Zimbabwe dollar terms.
However, during the same period, the prices of goods and services in United States dollars went down by 31.4 %. <a href="https://www.newsday.co.zw/local-news/article/200012536/family-basket-shoots-to-1m">She said:</a>
<blockquote>
The Consumer Council of Zimbabwe low-income urban earner monthly basket for a family of six stands currently at $1 015 962,61.
This is a sharp increase because the basket has shot from the month of April, where it was $611 275.
When we look at the basket as we measure it, we find out that the low-income earner is mainly earning in the Zimbabwean dollar.
But the cost of living has really increased from the April figure to the May figure and it has constituted a percentage increase of 62.2%.
The new analysis that we use in US$ has decreased by 31.4% so prices have increased in Zimbabwe dollar terms and yet in US$ have decreased by 31.4%.
</blockquote>
The astronomical rise in the cost of living follows a sharp fall in the value of the Zimbabwe dollar over the past few weeks.
Last month, the Zimbabwe dollar fell by nearly 60% on the official market.
On Tuesday this week, the local currency fell from US$1: ZWL$2 577 set by the central bank on 30 May 2023 to ZWL$3 673.
The latest statistics by the Zimbabwe National Statistics Agency (ZIMSTAT) indicate that the annual inflation rose by 11.3 percentage points from April to 86.5% in May.
However, Steve Hanke, a professor of Applied Economics at Johns Hopkins University, argues that Zimbabwe’s inflation is at 717%.
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