HARARE – Government has set up a committee to investigate and invent solutions to spiralling prices of basic commodities in the country.
Government has been forced to respond after the country has seen rapid increases in prices of bread, flour, cooking oil and mealie-meal, among other commodities.
Prices of basic commodities have surged over the past two weeks following the tumbling of the Zimbabwean dollar against the greenback on the parallel market exchange.
As of Tuesday, US$1 has been pegged at a parallel market rate of ZWL2,300.
While the official rate stands at ZW$1,212 for US$1, industry has defiantly pegged prices based on parallel market rates in attempts to maintain sustainability.
At a post-cabinet media briefing Tuesday, Information minister Monica Mutsvangwa said Industry and Commerce minister, Sekai Nzenza was reaching out to manufacturers in attempts to tame the price madness.
“The nation is being informed that Cabinet is concerned by the spiralling prices of the 14 basic goods especially bread, flour, cooking oil and mealie-meal,” Mutsvangwa said.
“The Minister of Industry and Commerce is already engaging the concerned stakeholders including manufacturers, wholesalers, retailers and other associations on the matter.
“Given the urgency of the matter, Cabinet has set up a Committee to quickly investigate, monitor and make appropriate recommendations to Cabinet with a view to bringing sanity to the situation.
“The Committee will comprise the following Ministers: Industry and Commerce; Finance and Economic Development; and Information Communication Technology, Postal and Courier Services.
“Meanwhile, the Minister of Industry and Commerce will issue an appropriate statement on the matter.”
Mutsvangwa said “corrective measures” were being instituted by government to protect the transacting public.
Last year, President Emmerson Mnangagwa threatened to ‘reign’ in businesses e accused of pushing a wave of price increases of most all commodities.
