Home Business and Technology Govt moves in to Control the Prices of Essential Commodities

Govt moves in to Control the Prices of Essential Commodities

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The government has reaffirmed its commitment towards curbing further hiking of prices of goods and services in the country. Minister of Commerce, Trade, and Industry Christopher Yaluma said the government is concerned with the sharp increase of prices for basic products in the country.

Mr. Yaluma cited cement, sugar, wheat flour, and cooking oil, as among the commodities whose prices have sharply increased. He pointed out that drastic measures have been put in place to mitigate the price hikes.

Mr. Yaluma made the remarks in Lusaka yesterday during a press briefing. He underscored that the government is working with the Competition and Consumer Protection Commission (CCPC) to ascertain whether there are collusion and dominance among market players.

“We are concerned with the hiking of prices for basic commodities and our desire as the government is to have the manageable cost of living amongst the people. We are taking drastic measures to arrest the situation,” he said.

The Commence, Trade, and Industry Minister explained that the Bank of Zambia Act will be amended to halt the quoting of prices for goods and services in any foreign currencies.

He emphasized that government has among other things scrapped off the import duty of products to strike a balance in the market supply chain. Mr Yaluma was quick to mention that several factors have necessitated the increase in prices.

He cited the weakening of the local currency, the coronavirus pandemic and quoting of rental charges and key raw materials in the United States Dollars as among the instigating factors.

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