Zimbabwe’s annual inflation has slowed to 50.24% in August, from 56.37% in July, while the month-on-month inflation for August was 4.18%, 1.62 percentage points higher than July information from the Zimstat Consumer Price Index has revealed.
The CPI for the month ending August 2021 stood at 3,191.05 compared to 3, 062.93 in July 2021 and 2,123.97 in August 2020.
“The year on year inflation rate (annual percentage change) for the month of August 2021 as measured by the all items Consumer Price Index (CPI) stood at 50.24 percent. This means that prices as measured by the all items CPI increased by an average of 50.24 percent between August 2020 and August 2021,” reads the index.
Government expects inflation to fall to between 22% and 35% by December 2021.
August’s monthly inflation of 4.18% is the highest since the 4.22% in December last year. August also saw this year’s smallest annual drop in inflation.
This reflects rising prices, and seeing as inflation was coming off 2020’s higher base, chances of Government missing its year-end inflation targets have increased.
According to the Zimstat, the Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $6,350.29 per person in August 2021. This means that an individual required that much to purchase both non-food and food items as at August 2021 in order not to be deemed poor. This represents an increase of 3.7 percent when compared to the July 2021 figure of $6,126.41.
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