Home Business and Technology Govt vows to cub price hike of goods and services

Govt vows to cub price hike of goods and services

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Minister Christopher Yaluma

The government has reaffirmed its commitment towards curbing further hiking of prices of goods and services.

Commerce, Trade and Industry Minister Christopher Yaluma says government is concerned with the sharp increase of prices for basic products.

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 today during a media briefing.

He underscored that government is working with the Competition and Consumer Protection Commission (CCPC) to ascertain whether there is collusion and dominance among market players.

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 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.

-Znbc

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