News / National
Zimbabwe family basket shoots to ZWL$2,6m
10 Oct 2023 at 01:02hrs | Views
The Consumer Council of Zimbabwe (CCZ) has reported that the family basket's cost has risen to ZWL$2.6 million due to escalating prices of essential goods, posing a crisis for numerous households across the country.
CCZ explained that the local currency's depreciation against the US dollar has caused some commodity prices to surge by more than 20% in September. The main drivers of this increase in the family basket cost were mealie-meal, utility bills, and education expenses.
CCZ spokesperson Philemon Chereni stated, "The cost of living, measured in the local currency as measured by the CCZ's low-income urban earner monthly basket for a family of six, increased by 6.24% from ZWL$2,539,494.10 to $2,697,554.08. The increase is mainly attributed to the increase in the fuel price along with the depreciation of the local currency."
During September, education costs surged by 52.6%, driven mainly by school development committee (SDC) levy adjustments. Other contributors to the basket's increase were water and rates for education, roller meal, and fresh milk, which rose by 52.6%, 22.5%, 19%, and 14.8%, respectively.
On the other hand, electricity, transport, and brown sugar negatively impacted the basket, declining by 3.4%, 6%, and 15%, respectively. The prices of most basic products in the family basket increased during September 2023 in the local currency.
Economist Eddie Cross attributed the rising commodity prices to the government's failure to implement effective economic measures to curb inflation and stabilize prices. He pointed out the need for better currency management and sound economic fundamentals to address the ongoing economic challenges.
The Zimbabwe National Statistics Agency had previously reported a 10.4% increase in the cost of living, with the food poverty line for one person rising to ZWL$77,186.
CCZ explained that the local currency's depreciation against the US dollar has caused some commodity prices to surge by more than 20% in September. The main drivers of this increase in the family basket cost were mealie-meal, utility bills, and education expenses.
CCZ spokesperson Philemon Chereni stated, "The cost of living, measured in the local currency as measured by the CCZ's low-income urban earner monthly basket for a family of six, increased by 6.24% from ZWL$2,539,494.10 to $2,697,554.08. The increase is mainly attributed to the increase in the fuel price along with the depreciation of the local currency."
On the other hand, electricity, transport, and brown sugar negatively impacted the basket, declining by 3.4%, 6%, and 15%, respectively. The prices of most basic products in the family basket increased during September 2023 in the local currency.
Economist Eddie Cross attributed the rising commodity prices to the government's failure to implement effective economic measures to curb inflation and stabilize prices. He pointed out the need for better currency management and sound economic fundamentals to address the ongoing economic challenges.
The Zimbabwe National Statistics Agency had previously reported a 10.4% increase in the cost of living, with the food poverty line for one person rising to ZWL$77,186.
Source - newsday
