Half A Million Dollars Required To Maintain Family Of Six

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  • A family of six now requires ZW$597 520 to meet their monthly living costs, Zimbabwe National Statistics Agency (Zimstat) reported Monday.

According to the latest data from the statistics organ, the Food Poverty Line (FPL) as at July 2023 was $77,186.03.

This means that the minimum needs basket costs that much per person in July 2023. This represents an increase of 10, 4% over the June 2023 figure of $69,941.05.

“The Total Consumption Poverty Line (TCPL) for Zimbabwe stood at $99,545.95 per person in July 2023. This means that an individual required that much to purchase both non-food and food items as at July 2023 in order not to be deemed poor.

“This represents an increase of 9, 2% when compared to the June 2023 figure of $91,171.62,” said Zimstat.

Despite the increases in living costs this time around, the rates were much lower compared to previous months.

The latest developments also come on the back of the economy’s swift response to the policy measures employed by the monetary and fiscal authorities in a bid to ease price hikes in a development that has seen the value of the ZWL significantly recovering.

The poverty datum lines vary by province as prices vary from place to place. The differences are explained by differences in average prices in the provinces.

“The quantities of commodities consumed at base year in the minimum needs basket which is consistent with the preferences of the poor individuals and households in Zimbabwe are fixed. The variations in the value of the basket are explained by changes in average prices,” added Zimstat. *NewZW*

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