HomeBusiness DigestCost of living surges to $75 million

Cost of living surges to $75 million

Paul Nyakazeya

THE cost of living has shot up 23,5 percentage points to $75,4 million for July, from $61 million the previous month, figures from the Consumer Council of

Zimbabwe revealed yesterday.

The increase in the cost of living comes a week after Finance minister Herbert Murerwa increased with effect from September the tax-free threshold for pay as you earn tax to $20 million, a figure analysts said was likely to be overtaken by the escalating cost of living when it comes into effect.

The consumer watchdog, whose cost of living monthly basket is for a family of six, said the price for washing powder accounted for the biggest leap during the month at 138,1%, followed by flour whose prices rose by 73,5%. Roller meal, clothing and footwear and meat surged 67,7%, 46,7% and 40% respectively during the month of July, the CCZ said.

The price of bread rose 39,6% while the cost of transport, rice and vegetables increased by 36,4%, 29,9% and 28,3% respectively.

“Transport operators have continued to increase fares, negatively impacting on consumers’ budgets. June transport costs increased by 46,7% whilst July fares rose by an average of 36,4%” said the CCZ.

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