THE cost of living in Zimbabwe skyrocketed by $324 to $7 171 by end of April last month due to an increase in fuel prices, limited supply of basic products as well as panic-buying by consumers because of the lockdown, a new report has revealed.
A survey conducted by the Consumer Council of Zimbabwe (CCZ) showed that the cost of living for a family of six shot up by 4,74% to $7 171 in April.
“As CCZ, we assume that the increase in the total figure of the basket can be attributed to the influence of the parallel market on exchange rates, increase in fuel prices, limited supply of some basic products and panic buying by consumers because of the lockdown,” part of the report reads.
“There has been a decline in productivity by firms in the market due to the negative impacts of the coronavirus, but consumers have increased their demand of certain products in fear of future shortages,” it said.
CCZ said mandatory restrictions like the lockdown required citizens to stay at home in order avoid spreading the coronavirus, but on the other hand, these measures had triggered panic-buying, leading to an increase in the price of most basic products.
