COMMENT: Government must continue to arrest inflation and protect our currency

THE drop in the month-on-month inflation rate is evidence that there is indeed light at the end of the tunnel.

Hope was begging to be lost as 2022 was proving to be a very tough year and memories of hyperinflation in the 2008-9 era were fast becoming a reality.

However, thanks to Government interventions, the country’s month-on-month inflation has since dropped to 12,4 percent this month from 25,6 percent in July.

This drop can be easily attributed to corrective macro-economic policy measures being implemented by Government, to tame inflation, stabilise the local currency and push the cost of living downwards.

Many a motorist will by now have noticed the continued decrease in fuel prices. According to the Zimbabwe Energy Regulatory Authority (Zera), the latest price for diesel is US$1,74 per litre from a peak of US$1,88 while petrol is US$1,58 from a peak of US$1,77.

The cost of goods and services had gone wild as international oil prices continued to go up. Sadly, though, most retailers and service providers have not adjusted prices in line with the prevailing drop in fuel prices.

This is an area which also calls for Government attention, the law must take its course.

In a bid to protect the local currency, Government has been dealing with speculative exchange rate manipulators. More can, however, be done in this regard including the arrest of more criminals that have brought about untold suffering to many.

Said the Zimbabwe National Statistical Agency (ZimStat) in its latest report: “The month-on-month inflation rate in August 2022 was 12,4 percent shedding 13,2 percentage points on the July 2022 rate of 25,6 percent.

“This means that prices as measured by the all-items CPI (consumer price index) increased by an average rate of 12,4 percent from July 2022 to August 2022.”

ZimStat said the month-on-month food and non-alcoholic beverages inflation rate stood at 14,2 percent in August, shedding 14,9 percentage points on the July 2022 rate of 29,1 percent.

The month-on-month non-food inflation rate stood at 10,6 percent, shedding 11,8 percentage points on the July 2022 rate of 22,4 percent, said the report.

While the economic environment is still tough for the ordinary citizen, the measures being implemented by Government deserve much praise.

At the rate that month-on-month inflation is dropping, things could soon go back to normal.
Government must continue to arrest inflation and protect our currency from manipulators who have no humanity.

The economy cannot be destroyed by a few greedy individuals. Government must rid the economy of all the bad apples and protect honest, hard-working Zimbabweans.

This is not to mean market forces must not be at play. It means market forces must be real, and not just a few speculative individuals. Business must also play ball.

When it comes to the economy, we win or lose together. There is no “them” and “us”.

Government must keep up the good work, while business must protect the consumer.
The philosophy “ilizwe lakhiwa ngabaninilo” truly applies.