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Zimbabwe monthly inflation rate up 2.5%

by Staff reporter
28 Oct 2023 at 08:01hrs | Views
Zimbabwe's monthly inflation rose to 2.5% in the period ending, marking a slight increase compared to the rates observed in the previous month.

The Zimbabwe National Statistics Agency (Zimstat) reported these changes, which occurred against the backdrop of decreasing annual inflation rates.

In October 2023, the month-on-month inflation rate reached 2.5%, marking a 1.5% increase from the September 2023 rate of 1%. This signifies that, on average, prices measured by the all-items Consumer Price Index (CPI) increased by 2.5% from September 2023 to October 2023.

The year-on-year inflation rate for October 2023, measured by the all-items Consumer Price Index (CPI), stood at 17.8%.

In October 2023, the Food Poverty Line (FPL) for an individual was ZW$80,512.00. This amount represents the money required by an individual to afford a daily minimum energy intake of 2,100 calories.

Zimstat employs the consumer basket for households classified as poor to calculate the poverty line.

The Total Consumption Poverty Line (TCPL), calculated by adding the non-food consumption expenses of poor households to the FPL for one person, reached ZW$105,072 in October 2023.

In October 2023, the month-on-month Food and Non-Alcoholic Beverages inflation rate was 2.4%, increasing by 1.3% from the September 2023 rate of 1.1%.

Inflation readings in the country declined from September 2023, following a recalibration method that accounted for the predominant use of the US dollar in daily transactions.

Source - NewZimbabwe