The United States Agency for International Development (USAID) says the local currency Zimdollar recorded 6% and 9% depreciation against the greenback on the official and parallel forex markets, respectively, last month.
According to the agency, this resulted in higher food prices.
Apparently, the same led to the Consumer Council of Zimbabwe reporting an increase in the local currency monthly basket for a six-member low-income urban household of 6,24% to almost ZWL$2,7 million.
USAID made this revelation in its new food security outlook covering the October 2023 to May 2024 period from the agency’s food security arm, the Famine Early Warning Systems Network (Fewsnet).
Apparently, on the latest Reserve Bank of Zimbabwe foreign currency auction, the Zimdollar traded as follows: