Zimbabwe govt urged to act on speculative pricing

The Consumer Council of Zimbabwe (CCZ) has urged enhanced cooperation between the Ministry of Finance, the Reserve Bank of Zimbabwe (RBZ), and consumer rights bodies to tackle rampant speculative pricing that is pushing up the cost of living for Zimbabweans.

In a statement responding to last week's 2025 Mid-Term Budget and Economic Review presented by Finance Minister Professor Mthuli Ncube, CCZ highlighted that businesses are increasingly using forward and speculative pricing strategies to guard against potential losses caused by local currency depreciation.

Such pricing tactics, the council said, have exacerbated inflationary pressures, reducing consumers' already shrinking disposable incomes amid volatile exchange rates and high inflation.

"There is an urgent need for targeted price monitoring and enforcement mechanisms, especially on basic consumer goods and services," CCZ said.

The council called for the establishment of a consumer engagement framework under the Ministry of Finance, in partnership with CCZ and local authorities, to institutionalise consumer participation in public finance decisions and improve transparency.

While welcoming signs of macroeconomic stability and increased investment in social infrastructure outlined in the Mid-Term Budget Review, CCZ stressed that these benefits must be directly felt by consumers through affordable, quality goods and services.

"From a consumer protection standpoint, we welcome government's commitment to stability and social service delivery. However, concerns remain regarding the high cost of living, limited consumer access to essential services, and pricing transparency," CCZ said.

Despite relative exchange rate stability, averaging US$1 to ZiG26.7, and month-on-month inflation remaining low at 0.5%, annual inflation remains a staggering 92.5%, severely impacting low-income households and widening pricing disparities across urban, rural, formal, and informal markets.

The consumer watchdog also noted that recent legislative changes, including the repeal of Statutory Instrument (SI) 81A of 2024 through SI 34 of 2025—which previously penalised pricing above the official exchange rate—aim to liberalise the market and curb speculative pricing.

"The repeal is a step towards market liberalisation but must be accompanied by robust consumer protection measures to prevent unchecked price hikes," CCZ said.

The council reiterated its commitment to advocating for a just and accountable economic environment where consumer rights are protected and voices amplified.