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*Govt To Enforce Price Controls*

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The government is set to reach out to manufacturers and retailers in a move meant to control prices of goods, which are spiralling out of control on the back of a sharp fall in the value of the local currency on the parallel market.

Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa, in a post-Cabinet briefing on Wednesday, said the government will announce measures which will see the situation stabilising in due course. She said:

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> We will surely urge; we will surely reach out to industry or maybe this time to firm up so that we could control these prices.

> So that they do not immediately react because that is what has been happening that they have been a reaction to the parallel rate when the parallel rate moves the retail sector prices also move.

The exchange rate at the parallel market was US$1:$60 via electronic transfers and US$1:$45 for cash transactions while the official rate is 1:25.

Last month the government and industry agreed that prices should revert to March 25 levels but instead, prices have continued to rise while salaries remain stagnant.

*More: Chronicle*

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