HARARE – Zimbabwe’s annual inflation accelerated to 175.8 percent in June, up from 86.5 percent in May, the Zimbabwe Statistics Agency (Zimstat) has reported.

The increase is against the backdrop of a recent surge in prices of goods and services.

“The year-on-year inflation rate (annual percentage) for the month of June 2023 as measured by all items Consumer Price Index (CPI) was 17.8 percent.

“This means that prices as measured by all the items CPI increased by an average of 175.8 percent between June 2022 and June 2023,” Zimstat said.

Month-on-month inflation also increased to 74.5 percent in June, up from 15.7 percent in May.

“The month-on-month inflation rate in June 2023 was 74.5 percent, gaining 58.8 percent points on the May 2023 rate of 15.7 percent,” said Zimstat.

“The month-on-month food and non-alcoholic beverages inflation rate was at 104.2 percent in June 2023, gaining 78.3 percentage points on the May 2023 rate of 25.9 percent.

“The month-on-month non-food inflation rate was 49.5 percent, gaining 41.1 percentage points on the May 2023 rate of 8.4 percent.”

The government enacted Statutory Instrument 27 of 2023 in February which takes into account the weighted average inflation of both US$ and ZWL$.

The country’s inflation rate has been on an upward trajectory since last year.

The increase has been fuelled by an unstable local currency which continues to weaken against the US dollar on the parallel market.

Meanwhile, the agency said the food poverty line for one person for the month of June 2023 stood at ZWL$69,941.00 and the total consumption poverty line for one person was at ZWL$91,172.00 in June 2023.

The food poverty line represents the amount of money an individual will require to afford the minimum required daily energy intake of 2100 calories.

“The food poverty line (fpl) as at June 2023 was at $69,941.05. This means that the minimum needs basket costs that much per person in June 2023.

“This represents an increase of 132.3 percent over the May figure of $30,108.94.

“The total consumption poverty line (TCPL) for Zimbabwe stood at $91,171.62 per person in June 2023.

“This means that an individual required that much to purchase both non-food and food items as at June 2023 not to be deemed poor.

“This represents an increase of 128.3 percent when compared to the April 2023 figure of $39,927.00.”

Zimstat said the poverty datum line varies by province as prices of goods and services vary from place to place.