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Zimbabweans start buying Goods in Bulk To Hedge Against Rising Prices


Harare – Some Zimbabweans are resorting to hoarding basic commodities as prices soar as the value of the local Zimbabwe dollar continues to plunge against the U.S. dollar.
The Zimbabwe dollar has been steady on the official interbank exchange rate – hovering around 13 and 14 against the U.S. dollar.
“But the black market and bureau de change rate is moving towards 20 against the U.S. dollar and was at 18.5 on Friday, up from 17 two days earlier.
A motor mechanic, John Muroyiwa, said he had started buying goods in bulk to hedge him against the rising prices.
“Prices of everything are going up every day.

“This afternoon, I will go to a local wholesale and buy many non-perishable items so that I will have a cover of up to six months.
“There is nothing much I can do about perishables but I will also buy as much as I can, considering their life span,’’ he said.
An attendant in a clothes credit store said they had raised their prices in a bid to protect their stock.
“We have raised the prices so that we can maintain our stock while the situation stabilises.
“If we sell our goods at the right price today, then we won’t be able to re-stock tomorrow because the cost will have risen,’’ he said. 

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