An average family of six now requires a minimum ZW$5,4 million to meet monthly needs signifying a 65,8% increase from the figures recorded last month, Zimbabwe National Statistics Agency (Zimstat) has reported.
The latest data released this week shows that the Total Consumption Poverty Line (TCPL) for one person was ZWL 916,225.50 in March 2024.
“This means that an individual required that much to purchase both non-food and food items as at March 2024 in order not to be deemed poor. This represents an increase of 65.8 percent when compared to the February 2024 figure of ZWL552,745.80,” said Zimstat.
The Food Poverty Line (FPL) for one person in March 2024 was ZWL701,236.89. This means that the minimum needs basket cost that much per person in March 2024. This represents an increase of 62.2 percent over the February 2024 figure of ZWL432,454.90.
The developments come on the back of rapid ZW$ depreciation within the first quarter of the year. The country’s local dollar has weakened against the US dollar every day in 2024, sending the price of a single loaf of bread from Z$6,105 to Z$19,357 in a mere 11 weeks.
Market speculators believe that the free fall of the currency is part of a broader strategy by authorities to pave the way for a new ZWL currency on the back of plans to come up with a structured currency.
The impending Monetary Policy Statement (MPS) which has been postponed for quite some time now is expected to rein in the current ZWL volatility.