- Published on 13 November 2017
The consumer council of zimbabwe (ccz) says the family basket increased by $6,42 to $593,55 in October, following the September 22 “panic buying” which triggered massive increase in prices of basic commodities.
CCZ said the food basket increased by $4,97 to $146,12 by end-October 2017. The price of detergents increased by 3,52% to $13,43 in the period under review. Increases were recorded in almost all basic commodities including roller meal, tea, cooking oil, flour, rice, salt, onions, cabbage, beef, bath soap, laundry bar, washing powder, among others. Decreases were recorded in margarine by $0,06 to $1,51, milk from $0,58 to $0,50 and tomatoes by $0,04 to $0,99. CCZ said the increase in prices could be attributed to various factors including the fluctuation of fuel prices and multi-tier pricing by retailers. Some supermarkets have taken advantage of these situations by increasing the prices of basic commodities by small amounts such as 1c, 2c, 3c to 40c and consumers are not able to notice the change. (Newsday)
This is a reflection of the current macroeconomic environment characterised by liquidity constraints which are weighing on economic prospects and have seen the cost of living rise. There is therefore need to resolve the cash challenge urgently in order to restore confidence and this will somewhat contribute in addressing the multi- tier pricing system.