{"id":78752,"date":"2023-06-07T18:29:31","date_gmt":"2023-06-07T16:29:31","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m"},"modified":"2023-06-07T22:33:35","modified_gmt":"2023-06-07T20:33:35","slug":"family-basket-shoots-to-1m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m","title":{"rendered":"Family basket shoots to $1m"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE Consumer Council of Zimbabwe (CCZ) says a family of six now requires $1 million a month to survive, up from $611 275 in April, reflecting the depth of the Zimdollar\u2019s crash and resultant price spikes.<\/p>\n

Zimbabwe is now caught up in a vortex of a rapidly weakening currency, rising inflation, price spikes that have left workers facing impoverishment as wages and earnings fail to keep pace.<\/p>\n

Yesterday, the Zimbabwe dollar further crashed to $3 555 from $2 577 against the US dollar, where the highest bid was at $4 100.<\/p>\n

On the parallel market, the Zimdollar was trading at 1:6 000 against the greenback.<\/p>\n

CCZ director Rosemary Mpofu said the cost of living rose by 62% between April and May, while the prices of goods and services in United States dollars had gone down by 31,4 %.<\/p>\n

\u201cThe Consumer Council of Zimbabwe low-income urban earner monthly basket for a family of six stands currently at $1 015 962,61,\u201d Mpofu said.<\/p>\n

\u201cThis 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.<\/p>\n

\u201cBut 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%.<\/p>\n

\u201cThe 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%.\u201d<\/p>\n

Last month, the Zimdollar tumbled by nearly 60% on the official market, the biggest collapse in one month since the auction system was introduced three years ago.<\/p>\n

Latest statistics by the Zimbabwe National Statistics Agency show that the annual inflation shot by 11,3 percentage points from April to 86,5% in May.<\/p>\n

Monthly inflation has reached double digits after rising sharply from 2,4% in April to 15,7% in May.<\/p>\n

Steve Hanke, a professor of Applied Economics at Johns Hopkins University, argues that Zimbabwe\u2019s inflation is at 717%.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE Consumer Council of Zimbabwe (CCZ) says a family of six now requires $1 million a month to survive, up from $611 275 in April, reflecting the depth of the Zimdollar\u2019s crash and resultant price spikes. Zimbabwe is now caught up in a vortex of a rapidly weakening currency, rising inflation, price […]<\/p>\n","protected":false},"author":84,"featured_media":78751,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-78752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nFamily basket shoots to $1m - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE Consumer Council of Zimbabwe (CCZ) says a family of six now requires $1 million a month to survive, up from $611 275 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Family basket shoots to $1m\" \/>\n<meta property=\"og:description\" content=\"THE Consumer Council of Zimbabwe (CCZ) says a family of six now requires $1 million a month to survive, up from $611 275 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-07T16:29:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-07T20:33:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686153545.752292.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Family basket shoots to $1m\",\"datePublished\":\"2023-06-07T16:29:31+00:00\",\"dateModified\":\"2023-06-07T20:33:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\"},\"wordCount\":335,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686153545.752292.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/family-basket-shoots-to-1m\",\"name\":\"Family basket shoots to $1m - 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