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*Family Basket Jumps To $1 Million Per Month - CCZ* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?tk The Consumer Council of Zimbabwe (CCZ) says a low-income urban family of six now needs just over $1 million a month to survive, up from $611 275 in April. CCZ director Rosemary Mpofu said the cost of living rose by 62% between April and May in Zimbabwe dollar terms. ---------- itel A70 256GB $99USD WhatsApp: https://wa.me/+263715068543 Calls: 0772464000 ---------- However, during the same period, the prices of goods and services in United States dollars went down by 31.4 %. She said: > The Consumer Council of Zimbabwe low-income urban earner monthly basket for a family of six stands currently at $1 015 962,61. > This is a sharp increase because the basket has shot from the month of April, where it was $611 275. > When we look at the basket as we measure it, we find out that the low-income earner is mainly earning in the Zimbabwean dollar. > But the cost of living has really increased from the April figure to the May figure and it has constituted a percentage increase of 62.2%. > The new analysis that we use in US$ has decreased by 31.4% so prices have increased in Zimbabwe dollar terms and yet in US$ have decreased by 31.4%. The astronomical rise in the cost of living follows a sharp fall in the value of the Zimbabwe dollar over the past few weeks. Last month, the Zimbabwe dollar fell by nearly 60% on the official market. On Tuesday this week, the local currency fell from US$1: ZWL$2 577 set by the central bank on 30 May 2023 to ZWL$3 673. The latest statistics by the Zimbabwe National Statistics Agency (ZIMSTAT) indicate that the annual inflation rose by 11.3 percentage points from April to 86.5% in May. However, Steve Hanke, a professor of Applied Economics at Johns Hopkins University, argues that Zimbabwe’s inflation is at 717%. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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