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Consumers Hoard Goods As Some Basic Commodities Disappear, Prices Go Up - Report

Consumers Hoard Goods As Some Basic Commodities Disappear, Prices Go Up - Report

Some consumers have reportedly resorted to hoarding goods to escape price hikes and commodity shortages.

NewsDay’s Tanyaradzwa Nhari reports that a significant part of hoarded goods has ended up on the black market, while consumers keep others in homes.

The Consumer Council of Zimbabwe (CCZ) conducted a survey recently and observed that cooking oil was among the affected commodities. CCZ spokesperson Chris Kamba told NewsDay Business:

Some people are now hoarding basic commodities in anticipation of a looming food crisis.

Consumers are panicking over the parallel market rate which continues to change on a daily basis.

A recent survey by CCZ revealed that the most affected product is cooking oil, which is going for $2 100 (about US$4 at the parallel market rate) in the big retail shops, against $5,50 on the black market. So, some people are resorting to hoarding the product and resell at the informal market.

The development reminds of the hoarding spree that was witnessed in 2008 when the country experienced another hyperinflation. 

The recent wave of market panic has been sparked by a deadly erosion of the Zimbabwe dollar’s buying power.

The currency has lost over 30% of its value against the United States dollar since January.

Authorities blame the economic crisis on Russia’s invasion of Ukraine which happened on the 24th of February but analysts say the crisis had already begun when the war started.

Meanwhile, the Confederation of Zimbabwe Retailers (CZR), a conglomeration of supermarkets and other retailers, says the association has not received any reports of hoarding of basic commodities.

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18 Comments

Dhuterere 2 weeks ago

Ndobvumirana newe Asalif because ukapisa USD 100 kune vanoisa ma700rtgs pa$1 Saka chigubhu chemafuta chenge chatengwa ne$2.50 then panze they sell it for $3.50 or $3.00 so black market ndoyauraya nyika government should make it a law no groceries to be sold outside shops abatiwa kujere those are the people who are fuelling inflation


Maparamuro 1 week ago

Black market is killing us, we are happy with the chaos in the economy because it benefits us those who have the cash to "burn". It's dog eat dog situation.
As a people we are not interested in permanent solutions because that would end the black market which is a major business for the majority

King 1 week ago

Black market haina kuuraya nyika gvnt ndoikutadza ku controla maprise ikapera varipo vorarama sei

Asalif 2 weeks ago

It's not hoarding vavekuita tigu manje they burn forex at a very high rate vopiwa swipe they go to shops which sell at offial rate votenga neswipe they sell the goods panze chero akaita profit ye50c paunit profit yake comes in forex


Chawabvunza 2 weeks ago

Once biten twice shy. Let Zimbabweans hoard food while the sun shines. Government must make sure conditions for producing more goods are present. Manufacturers must produce more goods to avert hoarding.

NYIKA INOURAIWA NE MBAVHA DZAYO.

NGAAPINDE HAKE CHAMISA [NHC].

[VOTE CCC FOR REAL CHANGE].


Blue 💙 2 weeks ago

No, people should just stop boarding to prevent boarding. Now, here we are, creating fake shortages and speculative demands. Capitalism kicks in and prices go higher. Like really, where is the shortage?

g thing 2 weeks ago

Roil tinoiipka kuno ku United Refineries hamenho kuti inodhurirei🤗


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THERE ARE JUST SOME PRICE INCREASES AND EROSION OF PURCHASING POWER 2 weeks ago

🥨


Jah🇿🇼Tsvarie-07 2 weeks ago

Isnt borders where made duty free for those who have money to import...


Maparamuro 2 weeks ago

Source of the problem is known, instead of facing it we rather go for each other's throats


Youth 1 2 weeks ago

Ndirikutsvagawo basa amana, ndakasvika A level ndikaita 10 points kuMPC. Chero basa rinoita, zvinhu zvakandiomera ndibatsireiwo hama. Number dzangu idzi kune vanodawo kundibatsira 0771143553


:: 2 weeks ago

uchabiwa

Observer 2 weeks ago

I have not seen any hoarding taking place just price increases and no shortages of products.


factos 2 weeks ago

so was Russia the onlt county that produces cooking oil

why its always Zimbabwe who gets affected whenever there's crises in other countries


🤦Ka Face 2 weeks ago

this all started before Russian invasion,and we all know that.
People are not uneducated to see all that,what the majority needs is solutions that will bring the stability of the economy.🤷


.... 2 weeks ago

zimgold ne roil are manufactured here in Zimbabwe. why prices hikes


Maparamuro 2 weeks ago

They are imported in bulk and packaged here

youth 2 weeks ago

the raw materials are imported from outside


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