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:
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.
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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