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According to American economist Professor Steve Hanke, Zimbabwe currently holds the highest inflation rate in the world. Hanke asserts that as of August 10, 2023, Zimbabwe’s inflation stood at 685% per year.
Hanke’s measurements consistently exceed the official rates provided by authorities, which he alleges are manipulated. He said:
<blockquote>
#ZIMWatch: As of August 10th, I accurately measure Zimbabwe’s inflation at 685%/yr. That’s the WORLD’S HIGHEST INFLATION RATE.
<img alt="American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World" class="alignnone size-full wp-image-262100" decoding="async" height="1058" loading="lazy" sizes="(max-width: 1080px) 100vw, 1080px" src="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg 1080w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-300x294.jpeg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-1024x1003.jpeg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-768x752.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-60x60.jpeg 60w" width="1080"/>
</blockquote>
In July, the Zimbabwe National Statistics Agency (ZIMSTAT) reported an annual inflation rate of 101.3% for July 2023, down from 175.8% in June 2023.
Hanke previously claimed a measurement of 1298% per year for Zimbabwe’s inflation in June, which was over 15 times higher than ZIMSTAT’s official rate of 86.5% per year announced in May. He suggested that Zimbabwe was undergoing its third hyperinflation episode in 15 years.
ZIMSTAT also indicated that the month-on-month inflation for July saw a significant decrease of 89.8 percentage points, reaching negative territory at -15.3% compared to June’s 74.5%. ZIMSTAT calculates inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In May 2023, ZIMSTAT reported an increase in month-on-month inflation to 15.7%, surging by 13.3 percentage points from April’s 2.4%. Year-on-year inflation rose to 86.5% in May, up from 75.6% in April, according to ZIMSTAT’s data.
The disparity between Steve Hanke’s inflation figures and those released by the Zimbabwean government may arise from their differing measurement methodologies. Hanke focuses on measuring inflation separately for the Zimbabwean dollar and the US dollar, while the government employs a method called <a class="MarkdownLink_linkifiedLink__KxC9G" href="https://www.pindula.co.zw/2023/03/03/govt-adopts-blended-inflation-rate-based-on-usd-zim-dollar/">Blended inflation</a>. Blended inflation takes into account both foreign and domestic currencies in circulation.
Hanke’s approach of separately measuring the inflation rates for each currency may capture fluctuations and distortions more accurately, especially considering Zimbabwe’s complex monetary landscape. On the other hand, the government’s use of Blended inflation provides a comprehensive view by considering the combined impact of both currencies on the overall inflation rate. However, this method can mask the impact of inflation on specific sectors of the economy, leading to controversy.
Former <a class="MarkdownLink_linkifiedLink__KxC9G">Finance Minister</a> Tendai Biti early this year challenged the current Minister Professor Mthuli Ncube to explain the use of blended inflation, calling it <a href="https://www.pindula.co.zw/2023/03/08/blended-inflation-rate-is-pure-undiluted-heresy-biti/">“pure, undiluted heresy.</a>” He argued: 
<blockquote>
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.
</blockquote>
Biti said Ncube should appear before the esteemed House to provide a detailed explanation of the origin of the currency mixing that comprises RTGS and US dollars.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World

Zimbabwean President Emmerson Mnangagwa has stated that the country’s economy is set to become stable through measures that have been implemented and more that will be taken shortly.
President Mnangagwa wrote in his weekly column that Zimbabwe’s $17 billion debt and arrears must be resolved to enable the country to move forward unencumbered.
He also said that Zimbabwe has the capacity to develop on the strength of its own resources, rejecting the notion of Africa as “a new frontier” for foreign interests. Mnangagwa added that Africa must be completely insulated from undue foreign interference and that all races are equal. He stated that Africa should be free to decide its own policies and development trajectory, rejecting coercive diplomacy.
In his column in The Sunday Mail, President Mnangagwa stated that during his visit to Egypt for the Africa Development Bank meetings, African countries agreed that the continent must free itself from external debt. He said:
<blockquote>
We are determined to find resolution to this albatross which has been weighing us down. Above all, determined to pursue a development trajectory which is debt-free so we augment our sovereignty and options.
We see tangible goodwill among creditors to carry us through. Alongside a raft of initiatives we have taken, and are set to take shortly, I foresee a stable and sustainably growing economy, anchored on her resources and a stable currency of her own.
</blockquote>
President Mnangagwa’s comments are made in the context of significant price hikes that have been attributed to misguided economic policies that are failing to address underlying structural issues.
President Mnangagwa believes that Agenda 63 rests on the strength and ingenuity of the African population and focuses on a country-to-country, subregion-to-subregion African nexus. 
The President added that Africa must claim, define, and assert its own century and be completely insulated from undue foreign interference and coercion as all races are equal. In this regard, Africa should be free to decide its own policies, partnerships, values, and development trajectory.
Mnangagwa also emphasised the importance of silencing guns on the continent and urged the African Union’s Peace and Security Council to redouble its efforts for peace in Sudan.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Mnangagwa: Zimbabwe's Economy To Stabilise And Grow Shortly

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has increased cash withdrawal limits for different categories of banking clients.
The central bank’s Financial Intelligence Unit (FIU) directed banks to increase cash withdrawals for individuals from ZW$5 000 to ZW$15 000 per week, <a href="https://www.herald.co.zw/rbz-increases-cash-withdrawal-limits/">The Herald</a> reported citing a memo sent to all banks.
Withdrawal limits for corporates have been raised to ZW$100 000 from ZW$20 000. Hospitals and clinics can withdraw up to ZW$500 000 per month while the limit has been set at ZW$1 million for local authorities.
Individuals and corporates can withdraw the maximum weekly amount in a once-off transaction or in lesser amounts that shall not exceed the stipulated limit.
Courts, the Parliament, and international organisations are not subjected to withdrawal limits. FIU director general Oliver Chiperesa said in the memo dated February 9, 2023:
<blockquote>
In order to efficiently serve the banked customers, the Financial Intelligence Unit has come up with several cash withdrawal limits that banks should apply when processing cash withdrawals for their customers.
Banks may allow the customer to withdraw the amount in a once-off transaction for the week or month, or in lesser amounts, in the aggregate, and shall not exceed the set limit in week or month.  Banks are required to undertake due diligence when processing cash requests for customers to ensure the facility is not for criminal activities.
Where a customer has a valid need to withdraw cash above the stipulated limit, the bank shall continue to submit such applications to the FIU, clearly setting out the special grounds for the request. The FIU will not grant any such request unless satisfied that no other forms of payment are reasonably available to the customer.
</blockquote>
The move comes after last week the apex bank said <a href="https://zero.pindula.co.zw/rbz-70-of-domestic-expenditure-is-in-us-dollars/">70 per cent of local transactions</a> were now in foreign currency.
<a href="https://zero.pindula.co.zw/">More Pindula News</a>

RBZ Increases Cash Withdrawal Limits

The Reserve Bank of Zimbabwe (RBZ) has said about 70% of domestic expenditure is in US dollars.
This was announced by RBZ Governor John Mangudya in the 2023 Monetary Policy Statement seen by Pindula News.
Mangudya also said as of December 31, 2022, the Foreign Currency Accounts (FCA) deposits in the banking system accounted for 64.2% of total deposits, with the remainder being ZW$ deposits. Said Mangudya:
<blockquote>
Transactional activities in the retail and wholesale sectors also points to the same structure of currency composition as shown by recent Confederation of Zimbabwe Industry (CZI) surveys, which reported that on average USD sales contribute 66% to foreign currency generation for the businesses. The dual currency structure of the economy is corroborated by estimates by the Zimbabwe National Statistics Agency (ZimStat) at Classification of Individual Consumption by Purpose (COICOP) division level.
</blockquote>
Mangudya also noted that domestic inflation reflects the significant foreign currency inflows in the economy by adopting blended inflation as the country’s reference inflation and reflects the dual currency structure for the following reasons:
<blockquote>
1). Total forex receipts at US$11.6 billion in 2022 were the highest FX inflows ever received in the country.
2). About 70% of domestic expenditure is in US dollars; and
3). Foreign currency deposits and loans constitute about 65% of total banking sector deposits.
</blockquote>
The central bank also said the inflation developments largely reflect movements in the exchange rate as prices in USD have been relatively stable and, in some instances, declining.
<ul>
<li><a href="https://zero.pindula.co.zw/rbz-forex-auction-31-01-2023-zimbabwe-dollar-continues-to-lose-value-against-usd/">RBZ Forex Auction 31/01/2023: Zimbabwe Dollar Continues To Lose Value Against USD</a></li>
</ul>
Mangudya said this points to the need to sustain exchange rate stability to anchor inflation expectations and stabilize prices under the dual currency environment.
The Zimbabwean economy has been informally re-dollarising in recent years as the local currency has continued to <a href="https://zero.pindula.co.zw/rbz-forex-auction-31-01-2023-zimbabwe-dollar-continues-to-lose-value-against-usd/">shed value against other currencies,</a> mainly the USD.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ: 70% Of Domestic Expenditure Is In US Dollars

Zimbabwe’s annual inflation slowed to 243,8% in December from 255% in November, the Standard reported citing a report issued by the Zimbabwe National Statistics Agency (ZIMSTAT) on Wednesday.
According to the report, month-on-month inflation for the month was 2.4%, higher than November’s 1.8%.
The statistics also showed an individual in the country now needs ZW$22 193 per month to afford basic needs. The report read:
<blockquote>
Total Consumption Poverty Line for one person stood at $29 219 in December 2022.
</blockquote>
Month-on-month inflation peaked this year at 30.7% in June.
The consumer price index (CPI) for December 2022 stood at 13 672 91 compared to 13 349 42 in November 2022.
Economist <a href="https://www.pindula.co.zw/Prosper_Chitambara">Prosper Chitambara</a> said inflation had slowed down, but prices were still shooting up. He told NewsDay:
<blockquote>
Two hundred and forty-three percent is still the highest inflation rate in the world and it creates a lot of challenges for the economy and consumers. The fact that it has slowed down does not mean that prices are going down. Our pricing is still on the very high side — look at fuel, bread and so on, they are still going up. As long as prices continue to increase, then it even makes it more difficult for the ordinary person to survive.
Secondly, when we look at our inflation figures, some scholars have argued that they don’t reflect the full extent of price developments in an economy that is now highly informal. So our official figures tend to understate the challenges with respect to price increases because they are based on a small formal segment whereas the economy has now been informalised to a greater extent.
</blockquote>
Some analysts believe the increase in month-on-month can be attributed to Christmas spending and the bonuses that were paid by various companies to their employees which increased aggregate demand.
Finance minister Mthuli Ncube has targeted to contain monthly inflation below 3% in 2023.
On trade statistics for November 2022, ZIMSTAT said the total value of exports increased from US$498.5 million in October 2022 to US$671.3 million in November 2022.
Imports increased from US$758.8 million in October to US$797.9 million in November 2022.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe’s Annual Inflation Slows In December 2022 - ZIMSTAT

Figures from the <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> suggest that November month-on-month inflation slowed to 1.8% while year-on-year slowed to 255 per cent.
In October, Zimbabwe’s annual inflation was <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">268.79% in October</a> while month-on-month inflation was <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">3.2% in October</a>. Pindula News presents an update issued by ZIMSTAT this Monday:
<blockquote>
<h2>CONSUMER PRICE INDEX NOVEMBER 2022</h2>
The month-on-month inflation rate in November 2022 was 1.8 percent shedding 1.4 percentage points on the October 2022 rate of 3.2 percent.
The year-on-year inflation rate (annual percentage change) for the month of November 2022 as measured by the all items Consumer Price Index (CPI) stood at 255.0 percent.
The CPI for the month ending November 2022 stood at 13,349.42 compared to 13,113.95 in October 2022 and 3,760.86 in November 2021. 
</blockquote>
Analysts attribute the drop to tight fiscal and monetary policy measures.
Meanwhile, Finance and Economic Development Minister, Professor Mthuli Ncube is targeting to keep monthly inflation at between 1 – 3% in 2023 while annual inflation is expected to drop to two digits.
<a href="https://www.pindula.co.zw/FBC_Holdings">FBC Holdings Limited (FBC)</a> has, however, warned that the <a href="https://zero.pindula.co.zw/2023-budget-allocations-to-government-departments/">anticipated increased government expenditure for 2023</a> may <a href="https://zero.pindula.co.zw/anticipated-increased-govt-expenditure-may-threaten-inflation-outlook-fbc/">threaten Ncube’s inflation outlook.</a>
FBC which is one of Zimbabwe’s top financial institutions said unless carefully managed, there is likely to be pressure on money supply growth in the coming months owing to the government’s increased expenditure ahead of the 2023 harmonised elections and higher spending to fund the 2022/23 farming season.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Inflation Slows In November 2022 - ZMSTAT

The latest figures released on Monday by <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">ZIMSTAT</a> show that sixty-two per cent of employed people in Zimbabwe were earning approximately ZW$20 000 (R793) in April 2022.
According to Zimbabwe National Statistics Agency’s second quarter labour force survey, 62% of employed people in the southern African country earned Z$20 000, which equates to US$51 using the parallel market exchange rate of $390 per greenback.
Using the end of April 2022 <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-04-october-2022/">official exchange rate</a> of ZW$259.34 per dollar, the workers were earning US$125.51.
ZIMSTAT’s definition of employed people, which is in sync with that of the ILO, includes subsistence farmers and those in the informal sector, such as vendors. <a href="https://www.news24.com/fin24/economy/more-than-half-of-zim-workers-earn-r793-per-month-20221004">News24</a> cites ZIMSTAT as saying:
<blockquote>
Among the paid employees, 27% earned income of less than Z$20 000 again during the month of April 2022.
Among those employed in the non-agriculture sectors, 85 percent were informally employed.
</blockquote>
This was happening as <a href="https://zero.pindula.co.zw/biti-asks-for-finance-ministers-statement-on-inflation-now-at-430/">inflation was rising in Zimbabwe</a> with the effect of eroding the salaries that were in the local currency. 
The Zimbabwe dollar was losing value against the United States dollar at a very fast rate. 
ZIMSTAT also stated that 48.8% or 1 367 291 of youth between 15-24 were unemployed and not receiving an education or vocational training.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

ZIMSTAT: 27% Earned Less Than ZW$20 000 (US$51) As Of April 2022

The <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT),</a> a corporate body that was established through the Census and Statistics Act of 2007, has announced that the country’s month-on-month inflation rate rose in February 2022. In January, Zimbabwe’s yearly and monthly rates of inflation had marginally declined. Pindula News presents an update by ZIMSTAT:
<blockquote>
The month-on-month inflation rate in February 2022 was 7.0 percent gaining 1.7 percentage points on the January 2022 rate of 5.3 percent.
The year-on-year inflation rate (annual percentage change) for the month of February 2022 as measured by the all items Consumer Price Index (CPI) stood at 66.1 percent.
The CPI for the month ending February 2022 stood at 4 483.06 compared to 4 189.97 in January 2022 and 2 698.89 in February 2021. 
Consumer Price Index— February 2022 The month-on-month inflation rate in February 2022 was 7.0 percent gaining 1.7 percentage points on the January 2022 rate of 5.3 percent.
The year-on-year inflation rate (annual percentage change) for the month of February 2022 as measured by the all-items Consumer Price Index CPI stood at 66.1 percent. 
The CPI for the month ending February 2022 stood at 4,483.06 compared to 4,189.97 in January 2022 and 2,698.89 in February 2021. Blended Consumer Price Index— February 2022 The month-on-month inflation rate in February 2022 was 3.1 percent increasing by 0.4 percentage points on the January 2021 rate of 2.7 percent. 
The year-on-year inflation rate (annual percentage change) for the month of February 2022 as measured by all items blended Consumer Price Index CPI stood at 27.8 percent. 
The blended  CPI for the month ending February 2022 stood at 142.28 compared to 138.02 in January 2022 and 111.30 in February 2021. 
<h2>Poverty Datum Lines — February 2022 </h2>
• The Food Poverty Line FPL for one person in February 2022 was $6 660.00 
• The Total Consumption Poverty Line  TCPL for one person stood at $9 144.00 in February 2022. 
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Zimbabwe Inflation, Poverty Datum Lines Go Up - ZIMSTAT

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