NEW: ‘Speculative pricing eroding consumers’ purchasing power’

Online Reporter

The Confederation of Zimbabwe Retailers (CZR) has said the speculative pricing of goods by some local shops has eroded consumers’ purchasing power.

Said CZR president, Mr Denford Mutashu:

“An increase in prices or inflation complicates long-term economic planning and has a major impact on the welfare of the general citizenry and firms, as they tend to spend more resources on managing inflation risk rather than focusing on the most productive activities.

“CZR cautions retailers and wholesalers to be careful as consumers cannot suffer at the hands of any business establishment.

“CZR is currently engaging with the government for a smooth transition of all possible interventions that support and protect the consumer and restore sanity in the marketplace.”

In a joint report on the recent hikes in the prices of basic commodities, the Competition and Tariff Commission (CTC) and National Competitiveness Commission (NCC), said the disappearance of some commodities from supermarket shelves was artificial, as some retailers and suppliers turn down customers who want to buy in the local currency.