An average family of six now needs a minimum of ZW$5.4 million to cover their monthly expenses, marking a significant 65.8% increase from the previous month, according to the latest report from the Zimbabwe National Statistics Agency (Zimstat).
The data released this week reveals that the Total Consumption Poverty Line (TCPL) for one person stood at ZWL 916,225.50 in March 2024. This means that an individual needed that amount to afford both food and non-food items to avoid being classified as poor. This figure represents a 65.8% surge from February 2024’s ZWL 552,745.80.
Furthermore, the Food Poverty Line (FPL) for one person in March 2024 was ZWL 701,236.89. This indicates the cost of the minimum essential basket of goods per person in March 2024, reflecting a 62.2% increase from February 2024’s ZWL 432,454.90.
These alarming statistics coincide with the rapid depreciation of the ZW$ in the first quarter of the year. The local currency has been steadily weakening against the US dollar, resulting in the price of a loaf of bread skyrocketing from Z$6,105 to Z$19,357 in just 11 weeks.
Speculation in the market suggests that the currency’s free fall is part of a larger strategy by authorities to introduce a new structured ZWL currency, amidst plans for a forthcoming Monetary Policy Statement (MPS) aimed at stabilizing the current volatility in the currency market.
