Zimbabwean Govt Has Once Again Warned Businesses Over Price Hikes During The Festive Season

The government of Zimbabwe has once again issued a warning to businesses regarding price hikes during the festive season. The Ministry of Industry and Commerce has assured the public that retailers have enough stock to meet the demands of the entire country, NewsDay reported.

In a statement, Industry and Commerce Minister Sithembiso Nyoni emphasised the need to maintain economic stability to promote consumer welfare. She said:

We have witnessed and enjoyed price stability for a very long time now, ever since the Treasury and the Reserve Bank of Zimbabwe instituted a tight monetary control regime and this must be maintained to promote consumer welfare.

Let me assure the nation that industry has enough stocks of basic commodities and that business will immediately work on modalities to ensure that there will not be any sharp price increases.

To ensure that there are no shortages or sharp price increases, the government held a meeting with business member organizations to discuss pricing and the market supply situation of basic commodities ahead of the festive season. As a result of this meeting, an agreement was reached between the government and businesses that fair trading practices would be upheld, and both profiteering and the creation of artificial shortages would be avoided.

• Prices Of Commodities In Zimbabwe Have Surged During The Festive Season – Survey

However, despite these efforts, there have been recent price increases in some basic commodities. For instance, laundry soap prices increased by 16%, cooking oil by 13%, bread by 12%, and mealie-meal by 9%. The government had previously extended the use of the United States dollar as legal tender until 2030, which helped to maintain relatively constant wholesale and retail prices.

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