Cost of living spikes 18 percent
The cost of living for a family of six went up by 17,9 percent between the month of February and March 2022, according to the Consumer Council of Zimbabwe’s (CCZ) monthly price review.
The cost of living as measured by the CCZ’s low-income urban earner monthly basket for a family of six increased from the end of February figure of $78 191.39 to $92 192.89 by End-March 2022, showing an increase of $14 001.50 or 17,9 percent.
This is after prices of all products on the basket save for meat and vegetables went up. The most notable price increases were for rent 50 percent, transport 25 percent, health 50 percent, sugar 22, 5 percent, and bread 18,25 percent.
“Most of these increases follow the parallel market rate,” said CCZ.
“Influence of the parallel market exchange rate from $180-$220 as at end of February 2022 to $250-
$300 as at the end of March 2022 was also a cost driver as some manufacturers and retailers are opting to buy USD through this platform.”
Fuel price increases also triggered a wave of price hikes of basic commodities.
CCZ also blamed price increases on the conflict between Russia and Ukraine which it said had resulted in a knock-on effect on prices of goods and services locally.
“The current global dynamics including disturbances in Ukraine resulted in spillover effects on domestic prices.
“Such global developments include increases in the international prices of oil, gas, fertiliser and cooking crude oil, products of which Russia and Ukraine are major producers,” said CCZ.-ebusinessweekly
