Zimbabwe's annual consumer inflation dropped for a second consecutive month to 77.2% in August 2023, down from July's 101.3%, against the backdrop of a stronger Zimbabwean dollar. On a monthly basis, consumer prices fell by 6.2% in August, after slipping by 15.3% in the prior month, amidst the recent policy measures put in place by both the government and the central bank to stabilize the economy. The local currency's resurgence has been driven by the exchange rate liberalization and a government directive ordering the exclusive use of the local currency for all corporate tax payments.
Currently, we have observed an increase in the exchange rates both the official rate and the parallel market, especially after the recently held elections. The RBZ mid-rate as of 5 September 2023 is ZWL$ 4,610.3894, and that of the parallel market is still at ZWL$ 6,500. The official rate has slightly increased by 0.13% from what it was trading at as of 29 August 2023 and a no constant for the parallel market rate.
This continuous increase in the official exchange rates might be due to the current election situation the country was experiencing in the previous months though it has not shaken the parallel market rate. The surprise hike in fuel prices on Thursday 7 September might have an impact on the rates, especially the parallel market rates. It is seen as the fuel prices have increased by 11 cents from what they were pegged at the previous months. This increase in fuel might have an impact on the rising cost of living of people.
According to, economic analysts, it is then projected that the rising of fuel prices has a great impact on the living conditions of people in terms of day-to-day living. This will then result in the elevation of prices of basic goods and services and further erode disposable income.
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