Price hikes dampen festive mood

Price hikes dampen festive mood
Published: 15 December 2017 (950 Views)
CONSUMERS have expressed dismay over the continuous increase in the prices of basic commodities, which they say could dampen the festive mood.

A snap survey conducted by Business Chronicle yesterday revealed that meat and meat product prices in Bulawayo, for instance, have increased by more than 100 percent, sparking outrage among consumers. A kilogramme of beef now costs between $8 to $10 from between $4 to $5.

Prices for petroleum jellies and body creams, tissue paper, soups, cooking oil, processed meats, soap, washing powder, beverages, mayonnaise and rice have increased too.

Butchery and supermarket operators acknowledged that the prices increased recently.

Consumer Council of Zimbabwe (CCZ) executive director Ms Rosemary Siyachitema said this year's festive season is likely to be difficult for consumers.

"I'm not sure about the 100 percent increase in prices of meat but what we have noticed is that there is a continuous increase of prices of commodities. Quite frankly by the look of things it will be not a good Christmas because consumers have to spend more," she said in an interview.

"I encourage consumers to buy in bulk for example buying the whole beast and sharing because just imagine a price of economy beef cost $8 this will dampen the hopes of consumers."

Economic analyst Mr Nkululeko Mpofu said speculative tendencies were fuelling price hikes, which have pushed inflation up from 0.4 percent early this year to 2.4 percent currently. This comes at a time when the country is facing acute cash shortages evidenced by persistent long bank queues.

In his 2018 National Budget Statement, Minister of Finance and Economic Development Patrick Chinamasa projected that inflation could rise to around four to five percent.

Economic experts say price hikes are closely connected with the loss of value for money, evidenced by emergency of a three-tier pricing system, which is a product of a blossoming foreign exchange premiums on the parallel market. The trend is also linked to the growing mismatch between electronic or RTGS bank balances and real cash in the economy.

Ms Siyachitema also said it was worrying that prices of substitutes like kapenta have also risen.

A consumer, Mr Ayanda Khumalo, said: "I am not happy about the increase of [prices of] meat products. This festive season means that people will have to pay more and this is not good in the current situation. Everything has to be on normal price not this madness we are seeing".


- chronicle

Tags: Prices, Xmas, Hikes,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MDC Alliance: The Election Bulletin - Issue 06

by MDC Communications | 17 July 2018 | 180 Views

Simple rigging proof mechanism

by S. Nhliziyo | 17 July 2018 | 170 Views

Chamisa to take ZEC head-on

by Staff rpeorter | 17 July 2018 | 165 Views

Matebeleland Chiefs petition Chiwenga over dispute

by Staff rpeorter | 17 July 2018 | 142 Views

Chamisa fails to shake off 'Grace Mugabe pact' claims

by Staff rpeorter | 17 July 2018 | 159 Views

Mnangagwa tells white farmers 'You are part of us'

by Staff rpeorter | 17 July 2018 | 143 Views

'Chigumba's arrogance reflective of her ignorance'

by Staff reporter | 17 July 2018 | 131 Views

Zanu-PF looking beyond polls, says Mnangagwa

by Staff reporter | 17 July 2018 | 106 Views

Chamisa calls for SADC, AU to protect election

by AFP | 17 July 2018 | 120 Views

President Mnangagwa man of the moment

by Elijah Chihota | 17 July 2018 | 132 Views

Congratulations to France

by Thomas Murisa | 17 July 2018 | 104 Views

Will Mnangagwa defy odds on 30 July?

by Benny Gudo | 17 July 2018 | 112 Views

ZEC: A menace tormenting Zimbabwe

by Benny Gudo | 17 July 2018 | 95 Views

Mnangagwa misleads Zimbabweans

by Staff reporter | 17 July 2018 | 150 Views

Zimra board pockets $300,000

by Staff reporter | 17 July 2018 | 135 Views

Senior MDC-Alliance leaders jump ship

by Staff reporter | 17 July 2018 | 172 Views

Chiwenga urges deserters to, 'Come back home'

by Staff reporter | 17 July 2018 | 140 Views

ZEC warns Chamisa, MDC-Alliance

by Staff reporter | 17 July 2018 | 151 Views

'Zanu-PF abusing State resources'

by Staff reporter | 17 July 2018 | 108 Views

Zec sued over disclosure of voters' details

by Staff reporter | 17 July 2018 | 101 Views

Musindo showers lavish praise on Madiro

by Staff reporter | 17 July 2018 | 93 Views

Chamisa's supporters released without charge

by Staff reporter | 17 July 2018 | 80 Views

Serial car thief jailed

by Staff reporter | 17 July 2018 | 70 Views

Chamisa rules out presidential election run-off

by Staff reporter | 17 July 2018 | 100 Views

Mugabe challenges default judgment

by Staff reporter | 17 July 2018 | 92 Views

Chamisa turns heat over ballot paper design

by Staff reporter | 17 July 2018 | 93 Views

'We tried talking to Mugabe but failed'

by Staff reporter | 17 July 2018 | 102 Views

Zec in fresh storm over polling booths

by Staff reporter | 17 July 2018 | 85 Views

Chiwenga embraces Chamisa's 'spaghetti roads'

by Staff reporter | 17 July 2018 | 95 Views

Mnangagwa 'steals' campaign concept

by Staff reporter | 17 July 2018 | 120 Views

'Mugabe stalled border upgrade'

by Staff reporter | 17 July 2018 | 61 Views

'Valerio Sibanda facilitated Mnangagwa's escape'

by Staff reporter | 17 July 2018 | 59 Views

Chief Charumbira drops another bombshell

by Staff reporter | 17 July 2018 | 56 Views

MDC Alliance in a fight they will not win

by Lloyd Msipa | 17 July 2018 | 104 Views

Langton 'School Boy' Tinago dies

by Staff reporter | 17 July 2018 | 66 Views

Fight breaks over 'Mugabe prophet'

by Staff reporter | 17 July 2018 | 53 Views