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Zimbabwe Is Experiencing "Greedflation", Not Inflation, Says Govt Official

1 year agoWed, 12 Jul 2023 06:58:27 GMT
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Zimbabwe Is Experiencing "Greedflation", Not Inflation, Says Govt Official

The Zimbabwean government has accused local businesses of driving inflation through unjustified price increases.

Speaking in a recent interview with ZBC News, Finance and Economic Development Secretary George Guvamatanga said Zimbabwe has been experiencing “greedflation”, rather than inflation over the past several months.

He accused the business sector of greediness, which has resulted in rising inflation. Said Guvamatanga:

What we witnessed over the course of the past two months was not inflation as we know it in economic terms, but rather “greedflation” which is really fuelled by greediness from the corporate sector where their forward-pricing practices resulted in the fast escalation of prices in the shops without any justification.

So Government had to intervene to take the necessary measures to ensure that there is stability in the market.

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But of concern too though, is that we still continue to see some sections of the corporate sector, be it the manufacturing sector, as well as the retail sector who are still pricing their goods using prices that are not in line with the current exchange rate.

Zimbabwe’s annual inflation rose to 176% in June from 87% a month earlier after the government partially liberalised the exchange rate.

The Zimbabwe dollar, which has been in free-fall in May and June, has been regaining ground against the US dollar on the official forex auction over the past few weeks.

More: Pindula News

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26 Comments

Anonymous · 1 year ago
Guvamatanga... Treasury secretary of the Gold Mafia...
eee a clown again ! · 1 year ago
ehe aha ok clown
Li · 1 year ago
And Pepsi zim is owned by ..........?🤣?🤣👏🏻. Correct
. · 1 year ago
Varun Enterprises are franchise holders in Zimbabwe and no mention of them here. Scam. Scam Scam
cde che · 1 year ago
hazviperi mushe izvoo unonyura shamwari. that's a scam beware hakuna competition yakadaro
Please help · 1 year ago
l wonder what they were trying to achieve. Vaida kuba chii, handina kana mari. Been jobless since 2020
propaganda · 1 year ago
in Zim more than 70% of manufacturing and distributing firms are owned and controlled by Zanupf members
Putin 🇷🇺🇷🇺🇷🇺🐊🐊🐊 · 1 year ago
@. problem ndeyekuti you are a cccc supporter
Zuze · 1 year ago
Yoweeeee, asi imhosva kusupporter Yero? Bva chibvisa yolk mumazai ako, wibva warega kudya banana, mango, orange... Ngatisakuone uchidzvondorera mazikudziso vanhu vakazvitakurira Mazoe Orange yavo.
doug · 1 year ago
Presently, the country which owns the most desired currency in the world is holding a US-Africa Business Summit 2023 next door in Botswana. Very very few African heads of state are said to be present at the meeting. Will Zimbabwe benefit from that meeting?
. · 1 year ago
guys ndanzwa nekurambwa nemababe chingave chii guys .Ndinotoenda kubasa ndoshanda muhardware but zvelove haaa mahwani every babe randosvikira rinotojamuka guys.Plz give me advice.Don't judge plz l really need help.
Blue💙 · 1 year ago
Perhaps you're overamvitious and shoot your shot with girls that are out of your league. Pauri kushanda ipapo or in your vicinity there's definitely a girl who likes you but haudi cause you think she's not your type. Chete the world is crocked it's all about "type and level and bag" . Steadfast brother, zvoita
· 1 year ago
Tanga wandipindura mubvunzo uyo ndozokubatsra. nhengo yako inomira here
. · 1 year ago
of course yes
Sorojena · 1 year ago
How do you explain it when more than half of those manufacturing companies are owned by the members of the ruling party or state, should we call it greedflation or an act of attack on the population? Those same basics are doled like canfete at ZANU of rallies....this is to spite the ruling opposition mass or a clear psychological blackmail.Mukomana ngaapinde hake.👆✖ ngaaaa
AntiZanu · 1 year ago
@putin is eexhibiting the characteristics of Zanoids who are always offtopic in everything thats why we suffering as nation its because of pple with mental issues like u
zigo · 1 year ago
i think you are mistaken that is campaingn for whoever he loves siya ataure zvaanoda
Zelesnky · 1 year ago
Comment what is written there ,offtopic
Rudo💅 · 1 year ago
hapana zvanzwikwa chirungu chonetsa ichi🤣
xxc · 1 year ago
svundukanyopo
Putin 🇷🇺🇷🇺🇷🇺🐊🐊🐊 · 1 year ago
Pasi ne mhanduu pasi ne CCC, nyika inovakwa nevene vayo 🧱 upon 🧱 hallelujah hallelujah ❎🐓❎🐓❎🐓❎🐓❎
Sorojena · 1 year ago
Mnangagwa is Zambian can't be ”Vene vayo” . thus why our country is not moving forward, since Mugabe was also another foreigner.
sorejena lite · 1 year ago
Canaan Banana too 😆
..... · 1 year ago
Why do you allow foreigners to rule you???

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