The Consumer Council of Zimbabwe (CCZ) has advised consumers against panic-buying following a sharp increase in the price of basic commodities triggered by an increase in the price of fuel on Tuesday.
CCZ chairman Philip Bvumbe opined that panic-buying will result in shortages of goods forcing manufacturers and retailers to raise prices. Said Bvume:
Last week, as you are aware, the parallel market rate went up to about 1:7 and all the goods in shops went up and there was panic buying.
What we are urging consumers is that they must not go on a rampage of panic buying. Suppliers and retailers have been trying to reduce their prices because of the demand which has been low for some time.
Let us be mindful that the more we have an artificial demand for products, the retailers and manufacturers will be justified to increase prices.
We encourage people not to go on a panic-buying spree.