Govt Mulls Price Freeze On Essential Foodstuffs

3 years agoWed, 22 Apr 2020 03:16:56 GMT
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Govt Mulls Price Freeze On Essential Foodstuffs

The government and the private sector have agreed to freeze prices of essential foods as the country struggles with the coronavirus pandemic.

Industry and Commerce Minister Sekai Nzenza said her ministry has met the Grain Millers Association of Zimbabwe (GMAZ) and the Confederation of Zimbabwe Retailers among other business organisations, to find ways of dealing with rampant price increases.

Nzenza said the envisaged moratorium on the prices of basic foodstuffs will be announced in due course. Said Nzenza:

We met with suppliers and producers and this was a multi-sectoral meeting held on April 11 and the people involved are those who produce, manufacture and distribute food and the purpose of that meeting was to find out how we can put our heads together and protect the consumer and the people involved include the GMAZ, the CZR and others.

We came to an agreement, which still needs to be announced and we intend to make the announcement together in due course where everyone will be present.

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Prices of essential goods shot up through the roof over the past few weeks following the imposition of a 21-day lockdown which was later extended by two weeks.

The price hikes have been attributed to a huge jump in exchange rates, both interbank and black market, and though the Reserve Bank of Zimbabwe fixed the exchange rate at Z$25 to US$1 for the duration of the COVID-19 emergency, black market rates have remained very high.

More: The Herald



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