Zim monthly and yearly inflation sustains significant decline

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By Alois Vinga

MONTHLY inflation for the period of November 2022 has declined to 1,8%, sustaining significant declines since the month of August, the Zimbabwe National Statistics Agency (Zimstat) reported Monday.

The latest data has also seen yearly inflation going to 255% down from 268% recorded last month.

This comes on the back of a raft of measures employed in the year’s first half to curb unsustainable inflation, which include hiking interest rates to plug speculative borrowing, reining in errant government service providers, introduction of gold coins and increased access to foreign currency on the  Reserve Bank of Zimbabwe Foreign Exchange Auction.

Prior to the inception of the measures, inflationary pressures had seen monthly inflation reaching 37% and yearly inflation rising to around 285% in the year’s first half period.

“The month-on-month inflation rate in November 2022 was 1,8%  shedding 1,4% on the October 2022 rate of 3,2%. This means that prices as measured by the all items CPI increased by an average of 1.8 percent from October 2022 to November 2022,” said Zimstat.

The month-on-month inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the previous month in the current year.

The month-on-month Food and Non-Alcoholic Beverages inflation rate stood at 0.9 percent in November 2022, shedding 2.2 percentage points on the October 2022 rate of 3.1 percent.

The month-on-month non-food inflation rate stood at 2,6%, shedding 0,6% on the October 2022 rate of 3,2%.

The CPI for the month November 2022 stood at 13,349.42 compared to 13,113.95 in October 2022 and 3,760.86 in November 2021.

The food poverty line (FPL) which represents the amount of money that an individual will require to afford the minimum required daily energy intake of 2 100 calories for one person in November 2022 was $21,652.00.

The Total Consumption Poverty Line (TCPL) for one person stood at $28,517.00 in November 2022, representing the total income needed for an individual with all their income added together as a minimum for them not to be deemed poor.

This represents an increase of 1,3% when compared to the October 2022 figure of $28,144.07 .

“The poverty datum lines vary by province as prices vary from place to place. The differences are explained by differences in average prices in the province,” added Zimstat.