Food inflation hits consumers

ZIMBABWE’S food inflation for December jumped by 21% from the November rate following a wave of price hikes of most basic commodities ahead of the festive season.

According to a latest Zimbabwe National Statistics Agency (ZimStat) report, Zimbabweans are grappling with a sharp increase in the cost of living.

ZimStat said the month-on-month inflation rate for December was up to 4,7%, gaining 0,2 percentage points from the November 2023 rate of 4,5%. The year-on-year inflation rate rose to 26,5% in December, from 21,60% in November.

“This means that the minimum needs basket cost ZWL$106 696,52 per person in December 2023. The amount represents an increase of 21,6% over the November figure of ZWL$87 756,38,” ZimStat said.

“The year-on-year inflation rate for the month of December 2023, as measured by the all items Consumer Price Index (CPI), was 26,5%.

“Food poverty line represents the amount of money that an individual requires to afford a daily minimum energy intake of 21 000 calories.”

The Total Consumption Poverty Line, which includes basic necessities beyond food, also jumped significantly, reaching ZWL$140 252,59 in December, compared to ZWL$115 090 in November.

“The CPI for non-alcoholic beverages had the highest contribution to the month-on-month change index (inflation rate) of 2,7% followed by housing, water, electricity. Gas and other fuels with a contribution of 1,6%,” ZimStat said.

Food prices have been volatile in recent months, with staples like bread, cooking oil and sugar becoming increasingly expensive.

The depreciation of the local currency against foreign currencies further worsened the situation.

Recently, economist Prosper Chitambara warned that 2024 could bite harder than 2023.-newsday