Zimbabwe’s ruling ZANU PF has said it is concerned by the recent surge in the prices of goods and services across the country.
The party’s spokesperson, Simon Khaya Moyo said the development signified greed by some business entities as there was no market factor that could have triggered the spike. In a statement, Simon Khaya Moyo said:
The revolutionary Zanu-PF Party is concerned by the recent spike of cost of goods and services particularly basic commodities. Such a development has no grounding in basic economics and it is merely a manifestation of greed in some of our business entities.
Surely, this practice weighs heavily on the poor and must be nipped in the bud. Certainly, the ordinary citizen needs protection.
The deadly pandemic has not spared our economy hence the need to take care of each other. The WHO protocols relevant to this virus and Ministry of Health and Child Care regulations must be observed religiously.
We are indeed all endangered species and times are very hard. Therefore, there is no need for unscrupulous and speculative behaviour, which has led to this situation-soaring of prices.
Meanwhile, some attribute the spike to the demand and supply relationship saying the lockdown meant limited inflow of goods from other countries while the demand remained high.
The local industry is collapsed and therefore cannot sustain the local demand.
Others said the “cost of goods and or services is determined by inflation, labour, overheads like fuel and electricity,” of which they have been on a steady upward trend in recent months.
Moreso, the Confederation of Zimbabwe Industries (CZI) recently complained that the Reserve Bank of Zimbabwe (RBZ) was releasing funds from the auction late prompting businesses to cover the gap by getting the scarce foreign currency from the black market which is costly compared to getting it from the official market.