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Oliver Kazunga, Acting Business Editor

ZIMBABWE’S poverty datum line (PDL) was $3 656 last month having jumped 15,7 percent in October as the cost of living continues to rise, latest data shows.

According to the Zimbabwe National Statistics Agency (Zimstat), the PDL measures the basic needs for an average family of five.

Data that Zimstat released on Monday shows that the Total Consumption Poverty Line (TCPL) for an average of family of five stood at $3 656,48 in November compared to $3 159,52 the previous month.

 “The TCPL for an average of five persons stood at $3 656,48 in November 2019. 

“This means that an average household required that much to purchase both food and non-food items for them not to be deemed poor,” said the agency.

The TCPL, according to Zimstat, is a combination of food and non-food items that an average family required for it not to be deemed poor.

In terms of food alone, Zimstat said an individual required at least $327,42 last month up from $271,48 in October.

The upward spiraling of the exchange rate in recent months has triggered further increases in prices of goods and services.

Prices of goods and services have been going up as the local currency continues to devalue against the greenback.

Meanwhile, the Ministry of Finance and Economic Development anticipates that foreign exchange market rates and inflationary pressures will ease as Government continues implementing macro-fiscal stabilisation measures that would see the economy rebounding this year and beyond.

The Government hopes that implementation of reforms outlined in the Transitional Stabilisation Programme, will persist to reflect notable milestones on fiscal consolidation, monetary policy restoration, liberalisation of the foreign exchange market, structural and governance reforms, re-engagement, investment promotion and support for the productive sectors. 

The country’s economy has been sluggish for close to two decades due to the debilitating effects of illegal sanctions imposed on the country by the West.

However, the coming into power of the new political dispensation led by President Mnangagwa in November 2017, has ushered a new era where the Government has embarked on a re-engagement drive with the international community to improve the frosty relations and open avenues for the much-needed foreign direct investment. — @okazunga.