The Consumer Council of Zimbabwe (CCZ) says a family of six now needs $2,6 million a month to survive, up from $2,5 million in June, spelling disaster for thousands of families countrywide.
The cost of health services has also jumped 135%.
In a statement, CCZ executive director Rosemary Mpofu said although prices of basic commodities went down, the cost of utilities such as water and electricity went up.
Prices of commodities shot up by 24,5% in United States dollar (US$) terms.
“The cost of living in Zimbabwe as measured in the local currency by the Consumer Council of Zimbabwe’s low-income urban earner monthly basket for a family of six increased, (despite) a decreasing rate from the June figure of $2 567 480 to July ($2 680 018) by July 31, 2023.
“This deceleration confirms the responsiveness of the market to the policy measures which were implemented by the government to stabilise the local currency. In particular, this basket rose marginally by 4,75 % from $2,5 million to $2,6 million. In US$ terms converted at the supermarket mid-rate, the basket increased by 24,5% from $434,46 to $540,76 during the same period,” Mpofu said
In May this year, government introduced a raft of measures to curb the depreciation of the local currency.
Throughout July, to date, the local currency has been appreciating in value against the US$ at the official exchange rate which saw the Zimdollar gaining value from its heaviest fall of $6 926,57 in June against the US$ to $4 556,16 as of yesterday.