Brace Up For More Price Hikes - Experts

Prices of goods and services in Zimbabwe are set to go up in the coming weeks as the economy continues to rot according to experts, the Daily News reports. The situation has been exacerbated by the plummeting of the ZWL against the USD this week.

This was echoed by business leaders and experts who spoke to the publication and said:

This is going to push price hikes, as that is what inflation is all about. The government should deal with the black market activity and also ensure that all imports are paid for at the interbank rate to stabilise the situation – Economist John Robertson

We are facing exchange rate-induced inflation. It will not take us much more time to be in a situation similar to 2008. As a result, the economy is, unsurprisingly, re-dollarising on its own … and the market will continue to reject the Zimbabwe dollar as a medium of exchange –  Economist Gift Mugano

The loss of value is going to continue until we reach the 2008 hyper-inflation madness, unless something happens. Nothing other than re-dollarisation or the adoption of the South African rand is going to result in currency stabilisation, as a currency is all about confidence and trust. – Peter Mutasa ZCTU

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The Zimbabwe Dollar was introduced on 24 June 2019 trading at 6.5 against the USD but closed the year trading at 16.5 against the USD.

More: Daily News