HARARE, April 22(Xinhua) -- The Zimbabwean government on Wednesday announced a price moratorium on various basic commodities as part of measures to protect the public from unfair price increases.
The development follows complaints by the public over the hiking of prices of basic foodstuffs across the country.
In order to address the challenge of escalating prices, government held a multi-sectoral meeting with the Grain Millers Association of Zimbabwe, Consumer Council of Zimbabwe, Bakers Association, Oil Expressers Association and the Confederation of Zimbabwe Retailers among others.
"There was a general agreement amongst the multi-sectoral partners that the price increase, particularly during the lockdown, was speculative and unjustified. The Multi-sectorial stakeholders committed to a price moratorium to operate based on the prices which were applicable on the 25th of March," said Vice President Kembo Mohadi in a statement.
The moratorium follows recent steep increases in prices of basic foodstuffs following a huge jump in exchange rates on the black market.
In a survey conducted by the Ministry of Industry and Commerce, the value of consumer basket on February 7 was 4,656 Zimbabwean dollars (about 13 U.S. dollars), but by April 11 the same amounted to 6,660.84 dollars.
Zimbabwe is currently experiencing hyperinflation, which has seen annual inflation soaring to over 500 percent in February, according to the national statistics agency, Zimstats.
The Southern African country is currently on a five-week nationwide lockdown aimed at slowing down the spread of COVID-19. Zimbabwe has so far recorded 29 positive cases of COVID-19, with four people succumbing to the disease. Enditem
