February inflation up by 1.7% – Zimstat

ZIMBABWE’ month-on-month inflation rate for the month of February 2022 has risen by 1,7 percent to seven percent when compared to 5,34 percent in January 2022.

Economists together with the Reserve Bank of Zimbabwe blame the widening exchange rate premium on the alternative market for stocking inflation, which has fuelled increase in prices of goods and services.

Zimbabwe’s inflation had been on a decline for most of last year to about 56 percent last July from a post dollarisation record of 837,5 percent.

Official data released by the Zimbabwe National Statistics Agency (Zimstat) also indicates that year on year inflation for February 2022 stood at 66,1 percent from 60,6 in January.

“The month-on-month inflation rate in February 2022 was seven percent gaining 1,7 percentage points on the January 2022 rate of 5,3 percent,” said Zimstat.

“The year-on-year inflation rate (annual percentage change) for the month of February 2022 as measured by the all-items Consumer Price Index (CPI) stood at 66,1 percent”.

The CPI is a comprehensive measure used for estimation of price changes in a basket of goods and services representative of consumption expenditure in an economy.

Zimstat said the CPI for the month ending February 2022 stood at $4 483,06 compared to $4 189,97 in January 2022 and $2 698,89 in February 2021.

On the other hand the blended month-on-month inflation rate in February 2022 has moved to 3,1 percent increasing by 0,4 percentage points on the January 2021 rate of 2,7 percent.

“The year-on-year inflation rate (blended annual percentage change) for the month of February 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 27,8 percent,” said the agency.

“The blended CPI for the month ending February 2022 stood at $142,28 compared to $138,02 in January 2022 and $111,30 in February 2021”.

Meanwhile, the Food Poverty Line (FPL) for one person in February 2022 was $6 660 while total Consumption Poverty Line (TCPL) for one person stood at $9 144,00.

Food poverty lines were identified as national or subnational thresholds representing a minimum cost of living based solely on the energy intake of local foodstuffs.-The Chronicle