{"id":3587,"date":"2019-02-11T18:02:01","date_gmt":"2019-02-11T18:02:01","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=3587"},"modified":"2019-02-11T18:02:01","modified_gmt":"2019-02-11T18:02:01","slug":"inflation-hits-retail-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/inflation-hits-retail-sector","title":{"rendered":"Inflation hits retail sector"},"content":{"rendered":"<p>THE retail sector in Zimbabwe is seen declining this year due to high inflation and a widening rift between prices and incomes, the Confederation of Zimbabwe Retailers (CZR) has said.<span id=\"more-3096224744013467\"><\/span><\/p>\n<p>CZR president Denford Mutashu told NewsDay in an interview that 2019 had started off with high inflation and a widening rift between prices and incomes, which was not good recipe for retail growth.<\/p>\n<p>\u201cSpending power is weakening as consumers\u2019 disposable incomes decline, and that will also affect our rate of stock turn as well as sales. Further, forex shortages and attendant high costs of sourcing forex are also likely to impact consistent supply of products. It will also put upward pressure on the cost bases of many retail establishments,\u201d he said.<\/p>\n<p>Latest data from the Zimbabwe National Statistics Agency (Zimstat) indicate that the country\u2019s year-on-year inflation rate surged to 42,01% in December 2018.<\/p>\n<p>\u201cAgain, we start the year with a huge blow; with violent attacks which took place in January, resulting in some retail shops being razed down to the foundation, while others were vandalized and looted, resulting in losses running into millions of dollars,\u201d Mutashu said.<\/p>\n<p>\u201cSo we have started the year in loss and recovery mode, with some players actually out of business. If we don\u2019t get access to facilities to replenish and recapitalise, it might negatively impact growth for this year.\u201d<\/p>\n<p>Last month, Zimbabwe witnessed widespread protests against a steep hike in the prices of fuel and general economic decay, which turned violent when security forces used excessive force in a bid to quell the protests.<\/p>\n<p>In 2018, Mutashu said the key highlight was the lack of adequate foreign currency for retail players to meet international obligations. He said some retailers and value-chain players had to resort to the parallel market, where the cost of accessing foreign currency continued to edge up, putting an upward pressure on the general price levels.<\/p>\n<p>\u201cThe forex shortages also affected margins and merchandise assortments. There were also cash shortages, particularly in the countryside and it affected transactions. Supply was<br \/>\nfairly stable although shortages were experienced, especially for basic lines,\u201d he said.<\/p>\n<p>\u201cWe also don\u2019t forget the violent attacks that took place in August 2018, resulting in retailers losing millions during shop vandalisations and lootings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE retail sector in Zimbabwe is seen declining this year due to high inflation and a widening rift between prices and incomes, the Confederation of Zimbabwe Retailers (CZR) has said. CZR president Denford Mutashu told NewsDay in an interview that 2019 had started off with high inflation and a widening rift between prices and incomes, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":3589,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[174,327,240],"class_list":{"0":"post-3587","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-finance","10":"tag-inflation","11":"tag-money"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation hits retail sector - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/inflation-hits-retail-sector\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation hits retail sector\" \/>\n<meta property=\"og:description\" content=\"THE retail sector in Zimbabwe is seen declining this year due to high inflation and a widening rift between prices and incomes, the Confederation of Zimbabwe Retailers (CZR) has said. 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