News / Local
Family of 6 now requires ZW$110,550 for monthly expenses in Zimbabwe
26 Jun 2022 at 03:16hrs | Views
THE cost of living for a family of six has shot up to a whooping ZW$110 550 for monthly expenses, Zimbabwe National Statistics Agency (ZIMSTAT) latest data for June 2022 has revealed.
During the period under review, the Total Consumption Poverty Line (TCPL) for one person rose to ZW$18 425.
"This means that a family of six now requires ZW$110 550 to meet both non-food and food items as at June 2022 in order not to be deemed poor. This represents an increase of 31.2 percent when compared to the May 2022 figure of ZW$14,041.38," said ZIMSTAT.
The data shows that food needs are among the most expensive with one person requiring ZW$13 875 per month just to meet consumption needs.
The statistics agency reported that the month on month inflation rate during the review period gained 9,7% to close the month at 30,7%.
The year-on-year inflation rate for the month of June 2022 as measured by the all items Consumer Price Index (CPI) stood at 191,6%.
This means that prices as measured by the all items CPI increased by an average of 191.6 percent between June 2021 and June 2022.
The developments fly in the face of already struggling citizens whose salaries have not kept pace with the inflationary developments obtaining in the economy with the majority of citizens currently earning salaries which are way below ZW$50 000 mark.
Recently boarding schools and other tertiary learning institutions moved to demand fees top up from parents citing that the initially paid fees could no longer meet the daily operational demands.
The tide of surging inflation is however currently not synonymous to Zimbabwe alone as it comes on the back of rising global inflation triggered by the impact of Russia/Ukraine war's impact on supply chain disruptions.
In the European Union inflation is currently hovering at an average of 8,1% with the United Kingdom 9% with the United States battling 8,3% rate as of May 2022.
The perpetuation of the disturbances have prompted unending fuel prices which will all have a huge impact likely to frustrate ongoing economic reforms in countries which had tabled recovery plans like Zimbabwe.
During the period under review, the Total Consumption Poverty Line (TCPL) for one person rose to ZW$18 425.
"This means that a family of six now requires ZW$110 550 to meet both non-food and food items as at June 2022 in order not to be deemed poor. This represents an increase of 31.2 percent when compared to the May 2022 figure of ZW$14,041.38," said ZIMSTAT.
The data shows that food needs are among the most expensive with one person requiring ZW$13 875 per month just to meet consumption needs.
The statistics agency reported that the month on month inflation rate during the review period gained 9,7% to close the month at 30,7%.
The year-on-year inflation rate for the month of June 2022 as measured by the all items Consumer Price Index (CPI) stood at 191,6%.
This means that prices as measured by the all items CPI increased by an average of 191.6 percent between June 2021 and June 2022.
The developments fly in the face of already struggling citizens whose salaries have not kept pace with the inflationary developments obtaining in the economy with the majority of citizens currently earning salaries which are way below ZW$50 000 mark.
Recently boarding schools and other tertiary learning institutions moved to demand fees top up from parents citing that the initially paid fees could no longer meet the daily operational demands.
The tide of surging inflation is however currently not synonymous to Zimbabwe alone as it comes on the back of rising global inflation triggered by the impact of Russia/Ukraine war's impact on supply chain disruptions.
In the European Union inflation is currently hovering at an average of 8,1% with the United Kingdom 9% with the United States battling 8,3% rate as of May 2022.
The perpetuation of the disturbances have prompted unending fuel prices which will all have a huge impact likely to frustrate ongoing economic reforms in countries which had tabled recovery plans like Zimbabwe.
Source - NewZimbabwe
