Consumers in panic mode as prices spiral

Prices of basic commodities and fuel have skyrocketed in the last few weeks causing panic among consumers who fear the situation might worsen if government does not put up strong measures.
A lot of people already feel the economic situation is sliding to that of the hyper inflationary era witnessed in 2008.
In an effort to try and arrest the situation, the government last week announced a monetary policy, which has done very little to quell the economic turmoil.
‘Do not worry,’ the Reserve Bank of Zimbabwe (RBZ) told the restless nation but that message has fallen on deaf ears.
A survey conducted by CITE showed that in some service stations, a litre of fuel was now costing $2.00 up from around $1.38 while other garages are now demanding cash upfront for the precious liquid.
Consumers have started hoarding goods such as sugar, cereals and cooking oil, in anticipation of massive shortages in the coming weeks.
Commuter omnibuses have also raised their fares, with a single trip up from 50 cents to 75 cents, with an indication it can further jump to $1, if the market does not stabilise.
Fuel queues continue to increase despite the central bank announcing that it had released $40 million for the procurement of fuel.
In a press release in response to the escalating market changes, the central claimed fuel situation had improved across the country.
“The bank is grateful to the National Oil Company of Zimbabwe for working round the clock to make sure that fuel is delivered to the oil marketing companies across the country,” the statement read.
“In view of these positive developments, the bank would like to assure the public that there is sufficient fuel available in the country and therefore there is no need for panic buying of fuel and other essential commodities”.
The apex bank noted that the prices increases were being caused by the manipulation of the money market rates.
“Opportunists are manipulating foreign currency parallel market rates to cause unnecessary panic and despondency and destabilisation of the economy,” the bank said.
“Such counterproductive behaviour is unwarranted and should be condemned by all peace loving Zimbabweans.
“The bank would also like to reassure the public that the multi-currency system will remain in use and the bank shall continue to secure lines of credit to supplement the country’s foreign currency earnings from exports and diaspora remittances in order to support the entire economy”.

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