{"id":80598,"date":"2023-07-16T06:38:43","date_gmt":"2023-07-16T04:38:43","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/retailers-reduce-prices-as-the-zimbabwe-dollar-strengthens-survey"},"modified":"2023-07-16T09:53:21","modified_gmt":"2023-07-16T07:53:21","slug":"retailers-reduce-prices-as-the-zimbabwe-dollar-strengthens-survey","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/retailers-reduce-prices-as-the-zimbabwe-dollar-strengthens-survey","title":{"rendered":"Retailers Reduce Prices As The Zimbabwe Dollar Strengthens – Survey"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>According to a survey conducted by the Consumer Protection Commission (CPC), some retail outlets have started reducing prices of basic commodities by up to 5 percent in response to the continued strengthening of the Zimbabwe dollar.<\/p>\n

The CPC has been monitoring price movements in retail shops to gauge the market\u2019s response to the local currency\u2019s firming. Earlier, the consumer watchdog established the \u201cbase price\u201d of a basket of key basic commodities to determine whether retailers would adjust their prices in line with exchange rate movements.<\/p>\n

Despite the local unit making substantial gains on both the official and black markets over the last month, most retailers had maintained the same prices, a practice officials believe is a form of price manipulation.<\/p>\n

Major retailers have marginally reduced their prices and are now offering consumers a variety of payment options. The commission\u2019s preliminary market surveillance report shows that the prices of basic goods have decreased slightly, averaging 5 percent, against an expected drop of 20 percent, to be in line with the movement of the Zimbabwe dollar.<\/p>\n

Speaking to The Sunday Mail, Consumer Protection Commission chairperson Dr Mthokozisi Nkosi said:<\/p>\n

Major retail outlets are displaying the reduced rates on a daily basis and giving the consumer (a variety of) payment choices.<\/p>\n

There has been a slight decrease of prices in Zimbabwe dollar terms, averaging 5 percent, against an expected drop of 20 percent, to be in line with the movement of the Zimdollar.<\/p>\n

Shops were moving with speed to implement price hikes following depreciation of the Zimdollar, but we don\u2019t see the same speed in reducing prices as the dollar appreciates.<\/p>\n

However, the commission is disturbed by an emerging trend where retailers are arbitrarily increasing their US dollar prices.<\/p>\n

The commission is soon going to engage the business community and sector associations to understand the reasons behind the sudden increase of prices in US dollar terms. The local currency is expected to continue to stabilise in the short term, according to the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. According to a survey conducted by the Consumer Protection Commission (CPC), some retail outlets have started reducing prices of basic commodities by up to 5 percent in response to the continued strengthening of the Zimbabwe dollar. The CPC has been monitoring price movements in retail shops to gauge the market\u2019s response to […]<\/p>\n","protected":false},"author":84,"featured_media":80597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1493,2189,4305,19],"class_list":{"0":"post-80598","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-consumer-protection-commission-cpc","12":"tag-zimbabwe"},"yoast_head":"\nRetailers Reduce Prices As The Zimbabwe Dollar Strengthens - Survey - zimbabwe<\/title>\n<meta name=\"description\" content=\"According to a survey conducted by the Consumer Protection Commission (CPC), some retail outlets have started reducing p ...\" \/>\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\/retailers-reduce-prices-as-the-zimbabwe-dollar-strengthens-survey\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retailers Reduce Prices As The Zimbabwe Dollar Strengthens - 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