Cost of living up 4,6%

Published: 10 December 2018
THE month-on-month cost of living increased by 4,6 percent to $697,76 last month from $666,93 in October on the back of negative macro-economic pressures characterised among others by financial market distortions.

In recent months, the economy has also experienced fuel and cash shortages coupled with high demand for basic commodities, some of which have become scarce on the market.

The Consumer Council of Zimbabwe (CCZ), in its monthly report, indicated that the cost of living for a family of six rose from the October rate of $666.93 to $697.76 at the end of last month. In other terms, this shows that the cost of living during the period under review went up by $30,83.

"The food basket increased by $20.63 or 9,7 percent from $211,68 by end of October 2018 to $232,31 by end of November 2018.

"The price of detergents increased by $10,20 or 48 percent from $21,25 to $31,45," said the consumer watchdog in the report. CCZ indicated that price decreases during the period under review were recorded in onions and tomatoes.

"Almost all products in the basket (food, soaps and detergents) have increased prices."

Price increases were also recorded in rice, roller meal, flour, beef, cabbage, brown sugar, tea leaves, fresh milk, cooking oil and bread, among other items.

"As CCZ we assume that the increase in the total figure of the basket can be attributed to the fuel price, which has gone up, cash shortages, high demand for basic goods, low supplies of goods from most manufacturers, tax increase on electronic transactions (two cents per every dollar). Consumers are urged to always seek a fair deal on the marketplace by ensuring that their rights are observed, as well as reporting any anomalies on the marketplace," said CCZ.

Meanwhile, President Mnangagwa has called on the business community to strike a balance between profiteering and national interest as some businesses have resorted to increasing prices willy-nilly.

Government has of late been crafting business-friendly policies premised on the "Zimbabwe is open for business" mantra. Despite the implementation of investor-friendly policies, Government has run into problems after most enterprises hiked prices of goods and services whittling down efforts to foster stability in the economy.
- chronicle
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