ZIMSTAT: Monthly inflation down to 3,5% as exchange rates stabilise

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By Alois Vinga

MONTHLY inflation rate for September 2022 eased to 3,5% on the back of easing exchange rates on both the parallel and official markets, Zimbabwe National Statistics Agency (Zimstat) reported Monday.

The development comes on the back of a raft of measures implemented by monetary authorities for most part of the year to stem volatility in the economy.

These measures have seen the official exchange rate has deteriorated to around US1:ZW$600 maintaining a close gap to the parallel market exchange rate which now stands at US$1:ZW$700.

The latest data from Zimstat show that the monthly inflation rate significantly reduced, sustaining a downward trend since around August 2022.

“The month-on-month inflation rate in September 2022 was 3,5% shedding 8,9% on the August 2022 rate of 12,4%,” the government agency said Monday.

“This means that prices as measured by the all items Consumer Price Index (CPI) increased by an average rate of 3,5% percent from August 2022 to September 2022.”

Monthly inflation reached alarming levels 30,7 % in January 2022.

“The yearly inflation rate for the month of September 2022 as measured by the all items Consumer Price Index (CPI) stood at 280,4%. This marks a decline from 285% recorded in August 2022,” said Zimstat.

The Total Consumption Poverty Line (TCPL) which sums up the required amount to purchase both non-food and food items for Zimbabwe stood at $27,297.53 per person in September 2022.

ZIMSTAT produces the official Poverty Datum Lines which are not comparable to cost of living indicators produced by other players in the market.