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The Consumer Protection Commission (CPC) says some retail outlets reduced prices of basic grocery items by as much as 5 percent last week in response to the continued firming of the Zimbabwe dollar.
In May and June, the Zimbabwe dollar depreciated alarmingly and was trading at US$1:$6 713 on 16 June, before firming to US$1:$4 883 on Friday at the official interbank market.
Speaking to <a href="https://www.sundaymail.co.zw/prices-begin-to-drop">The Sunday Mail</a>, CPC chairperson Mthokozisi Nkosi said:
<blockquote>
Major retail outlets are displaying the reduced rates on a daily basis and giving the consumer (a variety of) payment choices.
There has been a slight decrease in prices in Zimbabwe dollar terms, averaging 5 percent, against an expected drop of 20 percent, to be in line with the movement of the Zim dollar.
Shops were moving with speed to implement price hikes following the depreciation of the Zim dollar, but we don’t see the same speed in reducing prices as the dollar appreciates.
</blockquote>
Nkosi noted that shops were arbitrarily increasing their US dollar prices. He said:
<blockquote>
For example, in one retail outlet, a 500ml PET Coke was going for US$0,60 before the appreciation of the Zimdollar, but the same product is now going for US$0,77.
It appears the price increase is meant to compensate for the firming of the local currency.
Because of the marginal decrease of prices in Zimdollars, it is expensive for consumers to pay using US$ in these shops.
We are soon going to engage the business community and sector associations to understand the reasons behind the sudden increase in prices in US dollar terms.
</blockquote>
According to the survey conducted by CPC last week, the price of a 10kg bag of maize roller meal which was being sold for around $56 772 in June, now costs $39 239.
The price of a 1kg packet of sugar fell from $15 200 to $10 680, and a 2-litre bottle of cooking oil from $28 600 last month to between $17 000 and $22 000 depending on the brand.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Shops Slash Prices In Zimbabwe Dollars | Report

The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has urged businesses to reduce prices in Zimbabwe dollars after the local unit recovered against the US dollar last week.
The Zim dollar on Thursday firmed by more than $1 000 against the United States dollar on the Reserve Bank of Zimbabwe (RBZ)’s Wholesale Foreign Exchange Auction following another gain on Tuesday.
On Tuesday, the local currency firmed against the US dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
Speaking in an interview with <a href="https://www.sundaynews.co.zw/prices-stabilise-as-government-interventions-take-effect/">State media</a>, Mutashu said shops should start pricing responsibly following the stability in the exchange rate and improved power supply. He said:
<blockquote>
The expectation is to begin to see prices falling in line with key economic indicators like stability in exchange rates, improved power supply and other Government measures.
We have seen price stability in most retail shops but we want to see more. We want to see them reducing prices relative to economic developments. They should start pricing responsibly.
</blockquote>
National University and Science and Technology (NUST) lecturer Stevenson Dlamini said although businesses haven’t reduced prices, the rate at which prices were going up had slowed down lately.
He added that recent fiscal and monetary measures were starting to bear fruit. Said Dlamini:
<blockquote>
The floating of the exchange rate on the wholesale market has destabilised the parallel market and shown the formal market that the Government is now more committed to the price discovery mechanism of the local currency.
This has been further buttressed by the recent fiscal policy measure that requires the payment of corporate tax in local currency.
This is forcing even firms that were beginning to reject the local currency to start demanding it at the official market exchange rate and thus pushing up the demand and value of the local currency.
</blockquote>
Among the measures introduced by authorities include the RBZ’s sale of foreign currency to banks at market-determined rates for on-selling to bank customers.
The central bank has introduced gold coins and gold-backed tokens which have mopped over ZWL$60 billion.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Urged To Reduce Prices As Exchange Rates Stabilise

President Emmerson Mnangagwa has singled out Indian businessmen and Innscor Africa Limited for allegedly hoarding products resulting in artificial shortages and price increases.
Speaking at a ZANU PF rally at Nyele Primary School in Bulilima, Matabeleland South Province on Saturday, 01 July, Mnangagwa said those “unscrupulous” businesses are enemies of the Government.
He warned that if the allegations are true, the Indians will be deported and their goods will be confiscated and distributed to ZANU PF members. <a href="https://www.sundaynews.co.zw/president-warns-economic-saboteurs/">The Sunday News</a> quoted Mnangagwa as saying:
<blockquote>
We are being attacked, currently, nema price achikwira (through price increases). Why? Just when we announced that we are going for a general election, our enemies decided to cause problems among our people, ma-prices kutanga kukwira kunana Inscor (Inscor started to increase prices).
I have been told today that some Indians in Harare are stocking basic goods in Harare.
Vanonotenga sugar yakawanda kuChiredzi (they buy sugar in bulk from Chiredzi), all the basic goods like flour and so on vo-stocker muma warehouses, vokwidza ma-price (and stock the products in their warehouses and raise their prices).
Let me warn them. I have my people investigating these warehouses and if it is true, we shall confiscate not only the warehouses but also the things inside and give to you to distribute.
If they want to hoard, ngavadzokere vanoita hoard kunyika dzekwavo (they should go back and do that in their countries of origin) not in Zimbabwe.
Our government will never tolerate such activities in independent Zimbabwe.
</blockquote>
In recent weeks, some basic grocery items have disappeared from shop shelves, while some businesses, especially those in the informal sector, are charging products exclusively in foreign currency.
Inflation has also been on the rise and jumped to 175.8% in June, up from 86.5% in May.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Indian Businesspeople Under Probe For Hoarding Products, Says ED

Citizens’ Coalition for Change (CCC) leader Nelson Chamisa has blamed President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli Ncube for the country’s economic challenges.
Chamisa said Mnangagwa “changes like the weather” and that policy inconsistency has resulted in price hikes, erosion of salaries and the precipitous fall in the value of the Zimbabwe dollar.
Ncube, who was appointed Treasury boss in 2018, has struggled to reverse Zimbabwe’s economic downturn and recently threatened to hike the policy rate which at one point was at 200 per cent.
Speaking to journalists Chamisa on Tuesday, Chamisa said Mnangagwa and Ncube cannot resolve Zimbabwe’s economic challenges. <a href="https://www.newzimbabwe.com/everyone-is-hungry-says-chamisa-ccc-leader-blames-mnangagwa-ncubes-haphazard-policies-for-spiralling-prices/">He said:</a>
<blockquote>
Everyone is hungry, everyone is complaining, and everyone feels that the situation in the country is not okay.
This is the problem of having the wrong leader or being led by one who takes power illegitimately as Mnangagwa did.
You will realise none of the things that person will do would have been well thought out.
No one knows how he thinks, he changes like the weather. Nothing works and we want to fix all that by voting for the right candidate.
Look at how Mnangagwa and Ncube are behaving. Their tools box is empty, they cannot resolve the economic questions of the day, and they cannot understand that confidence, predictability and consistency of policy are everything.
The price hikes are an indicator of hikes in all other ill-spheres. We are not part of those that lead in corruption, unemployment, inflation, road accidents, reserves, politically motivated violence, poor road networks, arrest of political players and journalists.
</blockquote>
Over the past few weeks, Ncube has announced a series of measures to deal with price hikes including the recent suspension of duty on all basic grocery items for six months.
The grocery items are rice, flour, cooking oil, margarine, salt, sugar, maize meal, powdered milk, milk formula, tea, petroleum jelly, toothpaste, bath soap, laundry and washing powder.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Chamisa Blames Mnangagwa, Mthuli's Policy Inconsistency For Price Hikes

The Government has reportedly ordered representatives of business member organisations (BMOs) to desist from commenting on rising prices of basic goods and services.
In a survey carried out by <a href="https://businesstimes.co.zw/govt-gags-business/">Business Times</a>, business leaders from all BMOs said they could not comment on rising prices saying there are ongoing engagements with the Government and could only comment after the current crisis had been resolved.
The publication quoted a source as saying state security agents have warned business representatives that if the situation goes out of hand, they will be held accountable for their “reckless utterances”. Said the source:
<blockquote>
The government has taken the price madness personally as it sent state agents to business representatives to stop what it terms reckless utterances in the public as this triggered an unfavourable situation in the country which is already on edge.
The business leaders were told to speak at their peril as if the situation goes out of hand in the country there will be no one to blame but themselves.
</blockquote>
President Emmerson Mnangagwa on Sunday accused businesses of sabotaging the Government and warned that he was ready to take all necessary measures including painful ones to stabilise the exchange rate and the Zimbabwe dollar.
The Zimbabwe dollar fell by 25.5% on the official market on Tuesday, the biggest collapse in one day since the auction system was introduced three years ago.
The local currency now officially trades at 1 888 to the US dollar from 1 404 a week ago.
However, on the parallel market, the Zimbabwe dollar was trading at $3 500 to the greenback on Wednesday, according to <a href="https://www.newsday.co.zw/local-news/article/200012021/zimdollar-in-record-crashas-calls-for-us-salaries-grow-louder">NewsDay</a>.
Economists have blamed excessive money supply by the Government for recent price hikes and the rapid depreciation of the Zimbabwe dollar.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Govt Warns Business Leaders Against Making "Reckless Utterances" On Price Increases

President Emmerson Mnangagwa said that the Government will “take all measures necessary” to protect the consumer and ensure price stability.
Writing in his weekly column for <a href="https://www.sundaymail.co.zw/govt-takes-price-madness-head-on">The Sunday Mail</a>, Mnangagwa said the Government was aware some businesses were rejecting the local currency, abusing the foreign currency auction system and channelling goods to the informal market.
He said it didn’t make sense that the exchange rate has been highly unstable given the increased foreign currency inflows and use of the United States dollar in local transactions. He wrote:
<blockquote>
The more than US$11 billion foreign exchange earned last year is the highest ever done by this economy, and is certainly far higher than in most economies in Sub-Saharan Africa, outside South Africa. Sadly, this has not translated into a stable exchange rate.
</blockquote>
Mnangagwa noted that despite 80 percent of transactions being in foreign currency, with business allowed to retain most of it, the demand for foreign currency on the foreign currency auction has remained the same. He said:
<blockquote>
… Fourth and most exasperatingly, when 20 percent of our transactions were conducted in foreign currency, and 80 percent in local currency, the demand for foreign exchange at the auction averaged US$20 million weekly.
Today, when we find ourselves in an 80-20 percent reverse transaction equation in favour of foreign currency, the demand for foreign exchange at the same auction, and by the same Business now directly selling more wares in United States dollars, has risen to US$30 million a week! How does one explain such a paradox?
</blockquote>
Mnangagwa warned businesses that the Government will not hesitate to punish those that break exchange control rules or are involved in money laundering. He said:
<blockquote>
Above all, short-circuiting set rules and cutting corners in business attract very stiff sanctions.
Those who break our exchange control rules, or who money launder, will only have themselves to blame.
No one in business should doubt my Government’s resolve to correct blatant market failures, and to counteract and foil sinister moves to destabilise our economy.
Government’s responsibility is to protect the consumer, and to ensure stability in the market and inside the country.
We will take all measures necessary to ensure there is stability, including painful ones should that ever become necessary.
</blockquote>
The Government established a committee led by the Ministry of Industry and Commerce to monitor and investigate the recent spate of price hikes.
The committee expects to submit its recommendations this week before they are considered by Cabinet for implementation.
The week before last, the Government removed duty on 11 selected imported basic grocery items and allowed shops and other Zimbabwean businesses to keep 100 percent of the foreign currency they get from sales.
The products that will be imported duty-free include maize meal, rice, milk, flour, sugar, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Ready To Take "Painful" Measures To Stop Price Hikes, Says ED

The cost of living in Zimbabwe has gone up following a sharp rise in prices of nearly all basic grocery items this week.
Last week, the Zimbabwe National Statistics Agency (ZIMSTAT) announced that annual inflation slowed to 87.6% in March from 92.3% in February this year.
However, the Zimbabwe dollar continues to lose value against all major currencies at both the official and parallel markets.
On the RBZ auction system this week, the Zimbabwe dollar plunged to ZWL$944.71:US$1 from ZWL$671: US$1 in January this year.
According to <a href="https://businesstimes.co.zw/zimdollar-hits-new-low/">Business Times</a>, on the parallel market, the Zimbabwe dollar was this week trading between ZWL$1 600:US$1 and ZWL$1 700:US$1.
In an interview with Business Times on Wednesday, Consumer Council of Zimbabwe executive director Rosemary Mpofu said the cost of living has gone up. She said:
<blockquote>
The cost of living as measured by the CCZ’s low-income urban earner monthly basket for a family of six increased ZWL$489 831 by end of March from a figure of ZWL$441 036 by the end of February, showing an increase of ZWL$48 795.
The reasons for the increase varied from localised high inflationary pressures, exchange rate volatility, and external factors.
Even with smaller-denominated gold coins, trying to curb inflation amid a slump in the country’s currency, we still noticed a huge change in prices.
We see a lot of activity on the parallel market exchange rate which was a major factor in driving inflation.
In terms of the US$ basket, we also noticed a huge change as the basket moved to US$478.82 from US$507.67.
This was a huge increase and it is not good for the consumers.
</blockquote>
A survey by Business Times this week shows that the prices of basic grocery items have gone up:
<ul>
<li>2-litre bottle of cooking oil – from ZWL$3 649.99 to ZWL$4 749.99.</li>
<li>2 litre Mazoe drink – from ZWL$3 600 last week to ZWL$4 149.99</li>
<li>white bread – from ZWL$989 to ZWL$1 399.99</li>
<li>a kilogramme of beef – from ZWL$4132.99 last week to ZWL$6 899.99</li>
</ul>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Cost Of Living Goes Up As Zimdollar Hits New Low

A senior government official said that businesses should not use the parallel market exchange rate as a reference for pricing in the economy as it constitutes only a small fraction of cumulative trade volumes.
The Zimbabwe dollar is currently trading above $1 000 per US$1 on the parallel market, while the official rate is US$1:$779.
Businesses have been accused of indexing prices to the parallel market which, in turn, has fuelled runaway inflation.
Ministry of Finance and Economic Development Permanent Secretary George Guvamatanga said that the parallel market accounted for less than 10 percent of foreign currency traded in the economy last year. He said:
<blockquote>
I have indicated that the percentage of the black market (to total forex traded) is less than 10 percent.
If you look at the inflows that came in the Reserve Bank (of Zimbabwe) reports, of US$12 billion traded, maybe only US$1 billion was traded on the parallel market.
All the other funds are traded through FCAs, auction, and willing-buyer, willing-seller systems.
So, why are we keen to use parallel exchange rate marginal pricing, even if someone comes to you with the argument that they are not getting forex from the auction?
You know what? We want to give so much credit to this parallel market, but when you actually look at it, this parallel market only accounts for about 10 percent of the total foreign currency traded in the economy. The bulk of it comes from the auction, interbank and FCAs.
It (parallel market) then becomes the anchor (of pricing), which is a theorem of marginal pricing because even if you take the 10 percent and do weighted price, the rate is still probably around $840:US$1.
</blockquote>
Guvamatanga said foreign currency inflows have been rising and under normal circumstances, this should keep the forex rate stable. | <a href="https://www.sundaymail.co.zw/indexing-prices-to-black-market-improper">The Sunday Mail</a>

Indexing Prices To Black Market Rate Unjustified, Says Guvamatanga

The Zimbabwe Energy Regulatory Authority (ZERA) has announced the prices of diesel and petrol (Blend-E20) with effect from 19 October 2022.
The price of diesel has remained at US$1.73 per litre while the price of petrol has gone up to US$1.56 up from US$1.55 which was announced a week ago.
Notwithstanding the fact that fuel is hardly sold in Zimbabwe dollars, ZERA has announced new prices in the local currency.
<ul>
<li>Diesel is now ZWL$1.088.80, up from ZWL$1.084.08 per litre</li>
<li>Petrol is now ZWL$981.67, up from ZWL$971.21 per litre</li>
</ul>
ERA said the blending ratio remains at E20. It added that operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.

Price Of Petrol Goes Up, Again

Shops have reportedly started to reduce prices following a similar move by manufacturers who are reducing prices for goods supplied using forward pricing models.
The development follows plummeting consumer demand due to the prevailing liquidity crunch.
According to a <a href="https://www.businessweekly.co.zw/commodities-prices-coming-down/">Business Weekly</a> report, some suppliers are now issuing credit notes to retailers so that they can reduce their prices.
Shopowners are being given a choice either to be refunded or to get products worth the value of the note. An executive with a leading retail chain is quoted as saying:
<blockquote>
Retailers are now holding too much stock because no one is buying; it’s a combination of high prices because the suppliers had used forward costing models; and the prevailing liquidity crunch.
</blockquote>
Retailers Association of Zimbabwe Denford Mutashu told Business Weekly on Wednesday that customer traffic into formal shops had declined by an average of 35 per cent. Said Mutashu:
<blockquote>
It’s critical for authorities to increase the injection of some liquidity into the market as the economy continues to contract.
The economic growth projections may be somewhat a mirage.
The velocity of money is key to any economy thriving to maintain its growth trajectory. There is a need to essentially balance the tight monetary trajectory with a necessity for effective demand.
</blockquote>
In July the Reserve Bank of Zimbabwe (RBZ) introduced gold coins as an alternative to store value instead of US dollars.
Harare-based economist, Victor Bhoroma, said though prices were falling, demand for fast-moving consumer goods has also fallen as well. He said:
<blockquote>
It is true that prices are going down, consumer demand for fast-moving consumer goods has slumped and the free-market exchange rate has retreated.
This is largely due to the non-payment of government contractors and suppliers and the mopping of excess liquidity by the central bank through daily and weekly Negotiable Certificates of Deposits (NCDs) to commercial banks locally.
The interventions will not replace the need for a market-driven foreign exchange market and the need for the central bank to end all quasi-fiscal operations that lead to untenable money supply growth in the economy. 
Hence, it is necessary to give it time and assess Government’s sincerity to critical reforms that bring long-term economic stability.
</blockquote>

Retailers Reduce Prices As Liquidity Crunch Bites

Energy and Power Development Minister Soda Zhemu says the government expects the business sector to start reducing prices as fuel prices continue to fall.
Speaking in an interview with <a href="https://newziana.co.zw/2022/09/14/govt-calls-on-business-to-reduce-prices/">New Ziana</a>, Soda said business should slash prices in tandem with the drop in fuel prices, and stabilised exchange rates, among other factors. Said Soda:
<blockquote>
What we have seen in the past is that when the price of fuel increased even by a single cent, business would increase prices of basic commodities.
… Now that the price of fuel is going down, we do not seem to see that reflected in the prices of goods and services, and it is actually a concern.
They should pass the benefits accruing to the consumers just as they were doing when things were difficult. Why not now?
</blockquote>
He noted that the business sector is always quick to increase prices whenever the price of a key input, such as fuel, was increased, yet was reluctant to reduce prices when fuel prices have been going down.
Last week, the Zimbabwe Energy Regulatory Authority reduced the price of petrol from $1.58 to $1.53 per litre.

Govt Urges Business Sector To Reduce Prices

President Emmerson Mnangagwa reportedly summoned Finance and Economic Development Minister, Mthuli Ncube and the Reserve Bank of Zimbabwe governor, John Mangudya, to a crisis meeting on Thursday over the deteriorating economic situation.
Business Times reported multiple government sources as saying the meeting was held at the State House in Harare.
Mnangagwa reportedly demanded that Ncube and Mangudya should come up with concrete policy measures to avert economic implosion. Said a source:
<blockquote>
On Thursday last week, Ncube and Mangudya were called to the State House by HE (Emmerson Mnangagwa) to come up with solid and immediate solutions which could arrest runaway inflation, the volatile exchange rate and quick recovery to the ailing economy to avert the ruling party (ZANU-PF)’s demise.
The party has promised the electorate some cakes but the situation on the ground has turned south causing the party bigwigs to panic.
The government hierarchy is also panicking. They are not sure if the electorate would listen to them ahead of next year’s elections.
</blockquote>
However, presidential spokesperson George Charamba told Business Times that it was a routine meeting. He said:
<blockquote>
Every week after Cabinet HE meets the finance team. It has been happening since the inauguration of the Second Republic. Always after Cabinet, there is that team which reviews the economy.
Those who are saying that it was an emergency meeting between HE and the two economic principals because of the deteriorating state of the economy are not saying the truth and they want to use you to advance their cause.
</blockquote>
Another source said it was increasingly becoming difficult for ZANU PF MPs to explain the worsening economic situation to the electorate in their respective constituencies. Said the official:
<blockquote>
ZANU-PF’s structures met in Harare to strategise on a quick economic recovery programme as they fear problems in the 2023 general elections.
Stakeholders at the meeting resolved that the situation has to be rectified before it is too late.
Many party officials are baying for Ncube’s blood following his zvakangoreka banter (all is in order) saying he should be fired as he is misleading the President (Emmerson Mnangagwa) into thinking that all is well at a time people are suffering.
</blockquote>
The majority of Zimbabweans are living in abject poverty with prices of fuel and basic food items rising continuously while incomes have remained stagnant.
On Tuesday this week, Mangudya met with retailers and manufacturers to discuss ways of dealing with rising prices.
More: <a href="https://businesstimes.co.zw/ed-summons-ncube-mangudya/">Business Times</a>

Mnangagwa Summons Mthuli, Mangudya To A Crisis Meeting | Report

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has summoned retailers and manufacturers to a meeting on “unjustified” price hikes.
This follows revelations that some leading companies are getting foreign currency from the auction but pegging prices using black market rates.
Financial Intelligence Unit (FIU) director-general Oliver Chiperesa confirmed the planned meeting to The Sunday Mail. He said:
<blockquote>
The FIU has summoned leading manufacturers and retailers to a meeting to be held on July 19, 2022, to discuss and put a stop to the practice.
This will be followed by an intensive blitz where the FIU will partner with law enforcement agencies to identify and take legal measures against the culprits.
</blockquote>
Chiperesa said pegging prices at parallel market rates was illegal under the Exchange Control Act as well as Bank Use Promotion Act, as read with Statutory Instrument 118A of 2022.
Meanwhile, Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said he will be able to comment after the meeting.
According to a survey conducted by The Sunday Mail in Harare last week, several leading retailers were breaking the law.
A leading fast-food outlet, whose parent company received more than US$200 000 from the auction last month, was reportedly selling a two-piecer chicken meal for US$4.
Shop attendants claimed they were using the US$1/$400 exchange rate, which implied the cost of the meal was supposed to be $1 600.
However, The Sunday Mail team swiped it for $2 400, translating to a US$1:$600 exchange rate.
One pharmacy in the capital was reportedly using a US$1:$800 exchange rate while some shops in downtown Harare were selling products exclusively in US dollars.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged companies to comply with the law. Said Mutashu:
<blockquote>
The retail and wholesale sector must obey the law and give us an opportunity to seek redress in areas that each of the members may feel aggrieved about.
We have got to comply with the law and continue to engage with authorities.
</blockquote>
<h4>More: <a href="https://www.sundaymail.co.zw/rbz-summons-retailers-manufactures">The Sunday Mail</a></h4>

RBZ Summons Retailers, Manufacturers Over "Unjustified" Price Hikes

The Zimbabwe National Chamber of Commerce (ZNCC) says the Government and business should stop “blame games” and work together to end the country’s economic challenges.
Zimbabwe is experiencing runaway inflation which rose to 191.60% for the month of June as well as a rapidly depreciating Zimbabwean dollar which is now trading at around ZW$750 to the US dollar.
President Emmerson Mnangagwa has accused business of sabotaging his government through the increase in prices of basic goods.
But speaking in a wide-ranging interview with The Zimbabwe Independent, newly-elected ZNCC president Mike Kamungeremu said the mudslinging should stop. He said:
<blockquote>
Through continued and truthful engagement with our policymakers, we want to ensure that the blame game between the private sector and the government is put to rest.
Surely, prices cannot remain constant when the cost of production is going up; you look at the electricity tariffs, fuel prices, transport costs, bank charges, regulatory fees, and water tariffs, among others, they are all going up.
These are the main cost drivers, especially with an unstable rate of exchange (runaway parallel market rate).
</blockquote>
Kamungeremu said the Government should allow companies to pay all their taxes in Zimbabwe dollars as this will boost confidence in the local currency. He said:
<blockquote>
All government taxes must be paid in local currency so that government is not seen as rejecting its own currency.
If the issuer of the currency cannot accept it, who then do they expect to accept it?.
Right now ZIMRA (Zimbabwe Revenue Authority) is penalising companies that paid corporate tax in Zimbabwe dollars after transacting in US dollars for the years 2019 and 2020 despite companies trying to demonstrate that all the US dollars earned were consumed by costs and profit was realised in local currency.
</blockquote>
<h4>More: <a href="https://www.theindependent.co.zw/2022/07/08/blame-game-must-come-to-an-end-zncc/">The Zimbabwe Independent</a></h4>

Mudslinging Must Come To An End - ZNCC

Local economic commentators have accused the Government of using the Russian invasion of Ukraine as a scapegoat for its failure to manage the country’s ailing economy.
Zimbabwe is experiencing three-digit inflation now close to 200% year on year, with prices of basic foodstuffs especially cooking oil, mealie-meal and bread now out of the reach of many.
On Monday, Women’s Affairs, Small and Medium Enterprises minister Sithembiso Nyoni told delegates at the Micro, Small and Medium Enterprises (SMEs) day in Harare that “some of the things that are happening are really not our fault”.
However, Vince Musewe, an economist, said while the Ukraine-Russian war has contributed to price increases across the globe, the Government is being dishonest by trying to blame the war for all the country’s woes. Said Musewe:
<blockquote>
Politicians always want to find scapegoats but in Zimbabwe, we have other issues that have caused the economy not to perform well.
The issue of RTGS-US$ rates has caused inflation in Zimbabwe. Yes, we know that Russia and Ukraine are major exporters of wheat.
Russia is also a major producer of oil. This is bound to cause disruption in the world market but to blame that as the major reason for our economic problems is not being honest.
</blockquote>
Analyst Farai Gwenhure argued that Zimbabwe’s economy was in crisis long before Russia invaded its neighbour. Said Gwenhure:
<blockquote>
When the government talks about how the war has caused suffering in Zimbabwe, one tends to think that the country was performing very well and developing at a supersonic speed before the Russia-Ukraine conflict.
The truth is the war is affecting the country because the economy was already been in the doldrums.
It’s like a chronic patient getting coronavirus. The result can be devastating.
</blockquote>
<h4>More: <a href="https://www.newsday.co.zw/2022/07/govt-hiding-behind-ukraine-russia-war/">NewsDay</a></h4>

Economists Accuse Govt Of Hiding Behind Ukraine-Russia War

President Emmerson Mnangagwa has urged businesses to desist from unwarranted price increases by taking advantage of global inflationary pressures.
Speaking while commissioning the US$20 million state-of-the-art Highland Park Shopping Mall in Harare on Wednesday, Mnangagwa said:
<blockquote>
I wish to urge the business community to remain ethical in their conduct in the wake of emerging global inflationary pressures affecting our economic environment.
The unwarranted price increases we have witnessed from some manufacturers and retailers must stop.
The development of shopping malls such as Highland Park provides scope for increased production by our local manufacturing sector.
In this regard, I exhort the retail sector to strengthen its linkages with the productive sectors of our economy so that we promote a culture of manufacturing in Zimbabwe in order to ensure our consumers can buy locally produced goods.
</blockquote>
The first phase of the Highland Park Shopping Mall will be occupied by 23 retail shops comprising South African retail giant, Pick n Pay and many other small and medium enterprises.
The project reportedly created employment for over 450 locals during the construction phase.
The President added that the project will contribute to Harare’s endeavour to attain smart city status. He said:
<blockquote>
This particular project, which is along one of the development corridors designated by the City of Harare, will contribute to the city’s quest to attain smart city status.
It is undoubtedly a key initiative by the private sector, which complements Government efforts in increasing our stock of infrastructure as well as uplifting the standard of living for our populace, through increased employment opportunities.
</blockquote>
<h4>More: <a href="https://www.herald.co.zw/stop-unwarranted-price-hikes/">The Herald</a></h4>

Stop Unwarranted Price Increases, Mnangagwa Implores Business

President Emmerson Mnangagwa is expected to announce measures to address the price rises in basic grocery items and services since the beginning of the year.
Addressing the Seventh National Congress of the ZANU PF Women’s League in Harare on Friday, Mnangagwa said he will announce the measures this Saturday. He said:
<blockquote>
My Government will tomorrow (today) be announcing concrete measures to tame inflation and unwarranted increases in prices and towards securing incomes and savings of our people, particularly women.
We remain committed to ensuring sustainable delivery of social services such as water and sanitation, availing affordable and quality education, and improving access to green energy solutions, among others.
</blockquote>
The prices of basic goods and services, including fuel, transport, electricity, and school fees, among others, have been rising since the beginning of the year.
Zimbabwe’s annual rate of inflation last month was 131.7 per cent from the April rate of 96.4 per cent.
<h4>More: <a href="https://www.herald.co.zw/new-economic-measures-out-today/">The Herald</a></h4>

New Measures To Tame "Price Madness" To Be Announced Saturday

The Ministry of Health and Childcare says ZANU PF will win next year’s harmonised elections in spite of falling living standards amid rising prices of basic grocery items.
In a post on Twitter, the Health Ministry said it has noted that a year before every election, the prices of products are hiked beyond the reach of ordinary Zimbabweans.
It said these price hikes are done “by the country’s detractors” to cause people to turn against ZANU PF. The Ministry said the strategy will never work. <a href="https://twitter.com/MoHCCZim/status/1527272911047999489?s=20&amp;t=0ODizLokoVTFDj0Md4dgYQ">The post read:</a>
<blockquote>
Have you realized that each time Zimbabwe approaches elections, a year before elections to be specific, prices of products are hiked beyond the reach of many? This is done by the country’s detractors in an effort to alienate people from ZANU PF. Let us say this, ZANU PF will win.
</blockquote>
The Ministry of Health was responding to a tweet by award-winning journalist Hopewell Chin’ono who had lamented the sharp rise in the price of Mazoe Orange Crush. <a href="https://twitter.com/daddyhope/status/1526997608052535297?s=20&amp;t=0ODizLokoVTFDj0Md4dgYQ">Wrote Chin’ono:</a>
<blockquote>
HARIZARE my people: The cost of living has spiralled out of control to a point where basics like Mazoe Orange crush are now a real luxury.
This will not fix itself folks, it requires everyone eligible to vote to Register To Vote and actually vote then defend the vote. Tough times.
</blockquote>
Earlier this week, the Government announced that citizens with free funds can import basic grocery items duty-free following price hikes by local manufacturers.
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

ZANU PF Will Win 2023 Elections Despite Price Increases - Health Ministry

Some locally-manufactured basic commodities are running out at retail shops raising fears of a repeat of the 2008 scenario when supermarket shelves were virtually empty.
Some supermarkets are reportedly limiting the number of commodities such as cooking oil per customer to prevent hoarding which would result in an artificial shortage of the product.
On 7 May 2022, President Emmerson Mnangagwa ordered banks to suspend lending to corporates and individuals, including the manufacturing sector.
The move is believed to have triggered the current shortages of cooking oil and mealie meal, among other basic commodities.
Speaking in an interview with NewsDay, Consumer Council of Zimbabwe (CCZ) executive director Rosemary Mpofu said they were monitoring the situation. Said Mpofu:
<blockquote>
We are in constant engagement with the suppliers of goods to check what could be the cause of those shortages.
We are conducting a survey to come up with a true picture of the situation throughout the country.
It could just be an issue synonymous with some particular shops which could be different from the situation obtaining countrywide.
Our Monday (today) survey outcome will then explain the issues at hand.
</blockquote>
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said that the failure of the Reserve Bank of Zimbabwe’s foreign currency auction system resulted in the industry failing to access US dollars to buy critical raw materials. Said Matsheza:
<blockquote>
We import crude oil from Brazil, so we need foreign currency, but the auction has been failing to give manufacturers sufficient US dollars to be able to import.
On the issue of mealie-meal shortage, it has something to do with the fact that the government stopped millers from buying except the Grain Marketing Board (GMB), which created bottlenecks in the supply chain.
It depends on how the government will act. The policies put in place will determine whether the situation gets back to normal or not.
</blockquote>
<h4>More: <a href="https://www.newsday.co.zw/2022/05/panic-as-basics-run-out/">NewsDay</a></h4>

Some Basic Grocery Items Running Out

President Emmerson Mnangagwa said that several big companies and banks face closure for their complicity in sabotaging their economy through manipulating the exchange rate and unjustifiably raising the prices of goods and services.
Addressing a ZANU PF rally held in Epworth National Assembly Constituency on Saturday to celebrate Zalerah Makari’s by-election win, Mnangagwa said the companies and banks, which he did not name, were working with hostile foreign governments to weaken the Zimbabwe dollar. He said:
<blockquote>
We have a challenge in our economy, especially around prices and exchange rates. 
We are working out a solution, we are now closing in on companies that are behind what we have been witnessing lately.
These economic players are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency.
So we are devising methods to deal with them, we will close some big companies and banks. These will be announced in due course.
</blockquote>
Over the past several weeks, the Zimbabwe dollar has been depreciating against major currencies on the parallel market resulting in a jump in prices of foodstuffs including bread, cooking and mealie meal among others.
<h4>More: <a href="https://www.sundaynews.co.zw/errant-banks-currency-manipulators-to-face-the-music-president/?_ga=2.91933786.1169608408.1650686036-1476354146.1643948410">The Sunday News</a></h4>

Mnangagwa Threatens Banks With Closure Over Depreciating Zim Dollar

Industry and Commerce Deputy Minister, Raj Modi, says the Russia-Ukraine war has caused a rise in global fuel prices, a development that affects production lines, not only in Zimbabwe but across the whole world.
Last week the Grain Millers Association of Zimbabwe (GMAZ) announced a 52 per cent and 31 per cent increase for mealie-meal and flour respectively.
A price of a 10kg bag of mealie-meal now costs ZWL$1 665 up from ZWL$1 099. The price of a tonne of flour rose from ZWL$164 523 to ZW$215 000. Said, Modi:
<blockquote>
The justification for the increase is well known by everyone, it’s because of the war (Ukraine-Russia war).
The price of fuel, which is the lifeline for any production chain in any industry went up.
To import and transport any raw materials you need fuel.
It’s not only in Zimbabwe that food prices have gone up. It’s the world over.
However, if there was no war, we would not be talking of prices increases.
</blockquote>
Russia’s President Vladimir Putin ordered an invasion of Ukraine which was launched on 24 February this year ostensibly to end an alleged genocide against Russian speaking communities in the Donbas (part of eastern Ukraine) and combat the rise of Fascism in its neighbour.
Crude oil prices rose because the world feared the war would lead the West to ban Russian oil.
Prices jumped to a 14-year high of $140 a barrel on 7 March. They have come down since then but only slightly.
<h4>More: <a href="https://www.chronicle.co.zw/millers-blame-price-hike-on-ukraine-war/">Chronicle</a></h4>

Grain Millers Blame Price Hike On Russia's Invasion Of Ukraine

The Consumer Council of Zimbabwe (CCZ) has condemned recent price increases which it says have eroded consumers’ buying power.
A survey by The Zimbabwe Independent has shown that prices increased by about 30% during the first week of April.
The majority of businesses set their prices based on the parallel market rates which currently range between ZWL$280 and ZWL$300 to US$1. The official rate stands at US$1:ZWL$145.
This development has pushed households into extreme poverty as workers’ salaries are being eroded by inflation which is now 72.7%.
In an interview with The Zimbabwe Independent, CCZ public relations officer Christopher Kamba said the economic challenges facing the country and the war in Ukraine do not justify the price increases. Said Kamba:
<blockquote>
We are concerned about incessant price increases which have eroded the buying power of consumers.
While we appreciate the challenges the economy is facing and other external factors like the current global dynamics, including disturbances in Ukraine which were expected to result in spillover effects on domestic prices, service providers have taken advantage of the situation to increase prices.
Even those who benefit from the RBZ auction system are pricing in accordance with parallel market rates.
We urge the authorities to blacklist those who are abusing the auction system to ensure stability in the marketplace.
</blockquote>
According to The Zimbabwe Independent, mealie meal which cost ZW$1 159,99 (US$7,84) in March is now ZW$1 271,55 (US$8,59) and 2kg sugar, which was priced at ZW$565,99 (US$3,82) in March, now costs ZW$629.99 (US$4,26).
Other products whose prices have been increased sharply include cooking oil, which cost ZW$989,99 (US$6,69) in March, is now ZW$1 179,99 (US$7,97) and beef was ZW$1 199,90 (US$8,11) is now costs ZW$1 329,90 (US$9). A loaf of bread, which was going for ZW$239,99 (US$1,62) last month, now costs ZW$273,99 (US$1,85).
<h4>More: <a href="https://www.theindependent.co.zw/2022/04/08/prices-run-riot/">The Zimbabwe Independent</a></h4>

Consumer Watchdog 'Concerned' Over Incessant Price Increases

The Zimbabwe Energy Regulatory Authority (ZERA) has announced Liquid Petroleum Gas (LP Gas) prices for March 2022.
In a public notice this Monday, ZERA set the price of LP gas at US$2.07 and ZWL$268.11 per kilogramme.
In February, the retail price of LP gas was US$2.03 and ZWL$234.15 per kilogramme. This means that in March, consumers will pay US$0.04 and ZWL$33.96 more per kilogramme of LP gas respectively. ZERA said:
<blockquote>
Operators are advised to display the prices at their retail outlets at a prominent place in clearly legible letters.
Please note that it is permissible to sell LPG at prices below the prescribed prices depending on one’s trading advantages.
</blockquote>
On Friday, ZERA also announced an increase in the price of petrol and diesel. The energy regulator increased the price of diesel to ZWL$195.99 and US$1.51 from ZWL$168.17 and US$1.44 per litre, respectively.
The price of petrol for March is now ZWL$195.72 and US$1.51 per litre, a significant increase from the February price that was capped at ZWL$169.91 and US$1.44, respectively.
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

ZERA Hikes Liquid Petroleum Gas Prices

State-owned telecommunications company TelOne has raised internet package prices, with the new prices effective on 22 February 2022.
The price increase is significant in the bigger data packages with the lower ones not being affected or remaining unchanged.
Here are the TelOne Internet Package Prices:
<h3>TelOne residential broadband package prices</h3>
<h4>TelOne Night package prices</h4>
<h3>New SME broadband packages prices</h3>
Uncapped
<h3>New TelOne Blaze LTE packages prices</h3>
<h4>More: <a href="https://www.techzim.co.zw/2022/02/new-telone-internet-package-prices-some-large-data-caps-almost-doubled/">Techzim</a></h4>

TelOne Announces New Internet Package Prices

The Zimbabwe United Passenger Company (ZUPCO) has announced an adjustment of bus and omnibus (kombi) fares with effect from Wednesday, 16 February 2022.
The public transporter said with effective from tomorrow, bus fares for distances of 0-20 km will be increased from $50 to $80 while kombi fares will be adjusted from the current $80 to $100.
For distances of 21-30km, bus fares have been increased from the current $80 to $100 while kombis fares have been adjusted from $100 to $120, an increase of $20 dollars.
For distances of 31-40km, ZUPCO passengers will now pay $120, an increase from the current $100. The new fares for kombis have not been announced.
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

ZUPCO To Increase Bus Fares Effective 16 February

The government’s failure to adequately explain Statutory Instrument 127 of 2021 has left businesses making their own interpretations resulting in price increases in both local and foreign currency by as much as 100 per cent in some instances.
The government said the new rules are meant to plug abuse of foreign currency that companies were sourcing from the Reserve Bank Foreign Currency Auction system.
However, most businesses responded to the new regulations by increasing the prices of goods, a development that has eroded most people’s incomes.
Confederation of Zimbabwe Retailers Association president Denford Mutashu noted that some businesses have stopped accepting foreign currency altogether. He said:
<blockquote>The increase in prices is predominant in the informal retail and wholesale sector while the major players have not increased prices; they have continued to sell at the prices they had before the introduction of S1 127. 
What I have observed is that while they have not increased prices some have stopped accepting USD.
I have seen furniture, hardware, clothing retailers and wholesalers having a huge spike of between 50 to 100 per cent price increases.
I take that to be defensive pricing that always comes through on the market as players will be trying to adjust and interpret the policy accordingly.
It’s a bit worrying because they are also trying to interpret and adjust to the policy and during that transition, no one wants to lose out on the exchange rate losses that may be experienced.</blockquote>
Mutashu said the major challenge is that not all companies were accessing foreign currency through the RBZ hence the price increases are also a direct response to where they are sourcing money to restock.
In his ministerial statement to Parliament, last week over the SI, Finance and Economic Development Deputy Minister Clemence Chiduwa said the SI was meant to promote market discipline.
He said the government will ensure that the law is followed and that perpetrators are brought to book.
<h4>More: <a href="https://www.sundaynews.co.zw/govt-to-whip-business-over-price-increases-parly-demands-names-of-forex-abusers/" rel="noopener" target="_blank">The Sunday News</a></h4>

Wholesalers And Informal Traders Adopt 'Defensive' Pricing

Finance and Economic Development Minister Mthuli Ncube said he will soon meet the business sector to understand the rationale behind recent price increases, threatening to reverse economic progress.
Most businesses responded to the government’s announcement of Statutory Instrument 127 of 2021 <a href="https://news.pindula.co.zw/2021/06/02/lp-gas-prices-soar-in-response-to-new-forex-rules/" rel="noopener" target="_blank">by hiking prices in both local and foreign currency.</a>
Speaking on the sidelines of a meeting with miners in Bulawayo on Saturday, Minister Ncube said there was no justification for the price increases as the exchange rate has stabilised and inflation was going down. He said:
<blockquote>We will engage the private sector players to try to understand what the issues are that would have caused them to behave in this manner.
We thought we had reached some kind of equilibrium in terms of where the economy is, stabilising the exchange rate, and inflation heading downwards.
We will engage them to find out how we can work better together and also that they respond better to policymaking.</blockquote>
SI 127 of 2021 was introduced to put to an end the abuse of foreign currency that companies were sourcing from the Reserve Bank Foreign Currency Auction system.
Under the new rules, businesses can now be fined for issuing local currency receipt for goods purchased in foreign currency.
The law also bans pricing goods and services above the ruling exchange rate, pricing of goods only in foreign currency and using the money obtained from the auction for purposes other than what the supporting invoices on the bid stated.
Minister Ncube explained that the purpose of SI 127 of 2021 is to create a level playing to protect consumers and weed out speculators. He said:
<blockquote>The idea was very simple: those accessing foreign currency on the auctions are using it for the right purpose.
We intended to create a level playing field to protect the consumer to ensure compliance with the auction rate and that the auction-rate does not become a source of profit for speculators.
That was the idea. We wanted to bring sanity and compliance to the economy. But others have rather abused it and started increasing prices in United States Dollar (USD) terms and some even in Zimbabwe dollar terms.</blockquote>
<h4>More: <a href="https://www.sundaynews.co.zw/govt-to-whip-business-over-price-increases-parly-demands-names-of-forex-abusers/" rel="noopener" target="_blank">The Sunday News</a></h4>

Govt To Whip Business Over Price Hikes

Power utility ZESA Holdings intends to hike electricity tariffs, saying the current tariffs have become too low.
This was revealed by the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) acting managing director Lovemore Chinaka when he appeared before the Parliamentary Portfolio Committee on Energy and Power Development recently.
Chinaka said the existing rate was about 2.3 US cents per kilowatt-hour (kWh) instead of 10 US cents per kWh, which will enable the power utility to break even.
The fall in the value of the Zimbabwe dollar against the United States dollar since the last tariff review had made electricity prices too low and this has put ZESA’s long term viability under threat. Chinaka said:
<blockquote>The long-term impact would be that we will be unable to fix the grid from a maintenance point if we have natural failures of transformers or lines that are down due to age. You find that our capacity to respond quickly has been eroded.</blockquote>
<h4>More: <a href="https://www.herald.co.zw/zesa-seeks-tariff-review/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

ZESA Mulls Massive Electricity Tariff Hike

The Zimbabwe United Passenger Company (ZUPCO) has increased bus and kombi fares by 100 per cent effective today.
ZUPCO, in a social media post, said the move is meant to ensure reliability. The statement read:
<blockquote>Effective 5/10/20 Zupco will be increasing fares.
This is to ensure we keep providing Safe and Reliable transport whilst ensuring Operational efficiency to all stakeholders.
Please report under or overcharging and those crews recycling tickets. Adopt a Tap card to avoid Cash.</blockquote>
Bus fares have been hiked from ZWL$8.00 to US$16.00, while kombi fares have been increased from ZWL$16.00 to ZWL$32.00 per trip.
Just over a month ago, the transport utility hiked bus fares by the same margin. ZUPCO chief executive Evaristo Madangwa said then:
<blockquote>The price of fuel has gone up and operating costs have also increased. By adjusting the fares upwards, we will be able to improve efficiency.</blockquote>
Meanwhile, illegal transport operators (Mushikashika) are charging the equivalent of US$0.50 or ZWL$45.00 for short trips which makes ZUPCO kombis cheaper in comparison.

ZUPCO Explains Latest Bus Fair Hike

Local sugar producer Tongaat Hulett has announced new sugar prices effective 25 June 2020.
According to a notice issued this Thursday, the recommended retail prices for brown sugar are as follows; 1kg ($106.40), 2kg ($212.80), 5kg ($532.00) and 10kg ($1 064.00).
For white sugar, the recommended retail prices are as follows; 1kg ($112.45), 2kg ($224.90), 5kg ($562.24) and 10kg ($1 124.48).
See the table below:
<img alt="" class="alignnone wp-image-171623 size-full" decoding="async" height="699" loading="lazy" sizes="(max-width: 526px) 100vw, 526px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34.jpeg 526w, https://news.pindula.co.zw/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34-226x300.jpeg 226w" width="526"/>

Tongaat Hulett Announces Sugar Prices Effective 25 June 2020

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