Retailers urged to reduce prices
Government says that it will direct retailers to reduce prices of basic commodities to where they were before the volatile foreign exchange crisis experienced last week.
A sharp rise in the exchange rate was witnessed between Wednesday and Friday when us$1 was selling for Zw$24 from Zw$13 triggering a new wave of price hike madness. The exchange rate had by Saturday gone down to US$1: Zw$15 but retailers are yet to reduce prices to levels before the volatile crisis.
Industry and Commerce Minister Cde Nqobizitha Mangaliso Ndlovu said government will direct retailers to revert to prices before the volatile crisis.
Retailers claim they peg prices against the US dollar but in the past have not reduced prices even when the exchange rate had dropped as is the case now.
Prices for products such as mealie-meal rose from $27 to $48, cooking oil from $28 to $40, bread from $6,90 to $9 and 2kg of sugar from $17,22 to 23,90 following the sharp increase in the exchange rate.