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Online Writer

The Government reassured Zimbabweans that there are no significant shortages of basic commodities, and it is committed to ongoing monitoring and engagement with stakeholders to implement necessary interventions in the market.

This comes after the Minister of Industry and Commerce, Mangaliso Ndlovu, provided an update on the status of prices and availability of basic commodities to cabinet.

He revealed results of a survey carried out in the wake of the Monetary Policy Committee’s recent resolutions aimed at addressing the alarming disparity between official and parallel exchange rates, which has driven up prices in local currency, the ZiG.

Conducted between September 27 and October 4, the Ministry’s surveys revealed that while ZiG-denominated prices for essential goods in formal retail outlets have spiked, US dollar prices have remained stable across both formal and informal markets.

This trend suggests speculative pricing practices, as both ZiG and US dollar prices in formal settings continue to reflect high values, likely influenced by parallel market rates.

The briefing highlighted a concerning scarcity of key items such as cooking oil, mealie-meal, bread, and sugar in formal retail outlets, although these products are readily available in the informal sector. This situation has been exacerbated by arbitrage activities, with informal retailers capitalising on exchange rate differences amid reports of hoarding in formal channels. Suppliers appear to be diverting stock to informal markets, leading to reduced availability in official channels.

Measures are being established to bolster the formal sector and stabilize prices to ensure accessibility for consumers.

The Government continues to navigate the complexities of the economic landscape, aiming to balance currency fluctuations with citizens’ needs.