Cost of living shoots to ZW$140,00 for family of six as annual inflation surges to 257%

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By Alois Vinga

THE cost of living for an average family of six members has risen to ZW$140 874 on the back of rising annual inflation which now stands at 257%, Zimbabwe National Statistics Agency (ZIMSTAT) reported Friday.

The latest data shows that the annual inflation rate rose by 65,9 % from 191% recorded in June 2022.

The Food Poverty Line (FPL) for one person in July 2022 was $17,909.

The current surge in the cost of living comes on the back of growing impatience by the working class whose salaries continue to lag far behind the obtaining cost of living.

It also flies in the face of recent pronouncements by the treasury this week which set the tax threshold at ZW$50 000 and below that does not match the cost of living.

The food poverty line (FPL) as at July 2022 stood at $17,909.32. This means that the minimum needs basket will cost that much per person in July 2022. This represents an increase of 29,1% over the month of June 2022 figure of $13,875.12.

The current Total Consumption Poverty Line (TCPL) for one person stood at $23,479 in July 2022 adds up to a total ZW$ 140 874.

“However, during the period, the month-on-month inflation rate in July 2022 was 25,6% shedding 5,1%  on the June 2022 rate of 30,7%,”said  ZIMSTAT.

The Blended Consumer Price Index which measures the combined price changes of goods and services in both the US$ and ZW$ reported that  the month-on-month inflation rate in July 2022 was 16,1% shedding 1,9%  on the June 2022 rate of 18%.

Under the index ,the year-on-year inflation rate for the month of July 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 96,1%.