ZIMSTAT Releases USD And ZiG Inflation Rates For May 2024
Zimbabwe’s year-on-year inflation rose by 3.5% in US dollar terms in May, the Zimbabwe National Statistics Agency (ZIMSTAT) has said.
In USD terms, the month-on-month inflation was 0.1.%, easing 0.7 percentage points from April.
ZIMSTAT now reports three separate sets of inflation figures, as reported by newZWire. It now measures price increases separately in USD, in ZiG and also price increases in a blend of USD and local currency.
In ZiG, inflation was -2.4% in May 2024. This is the rate at which ZiG prices changed between April, when ZiG launched, and May.
The annual inflation in ZiG will only be measured in April 2025, when ZIMSTAT can compare with April 2024 to come up with the annual ZiG inflation figure.
The weighted month-on-month inflation rate, which measures the combined price changes in ZiG and USD, was -0.6% in May.
According to ZIMSTAT, USD inflation in May was mostly driven up by the cost of food and non-alcoholic beverages, followed by furniture and equipment.
The cost of transport was the biggest contributor to the weighted monthly inflation in May.
In May, an individual needed ZiG401.36 to be above the Food Poverty Line (FPL), a measure of the food one needs for basic nutrition.
The Total Consumption Poverty Line (TCPL), what a person needs to earn to afford basics and not be considered poor, was ZiG624.44.
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