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Consumers warned against panic-buying

The Consumer Council of Zimbabwe (CCZ) advised consumers to avoid panic-buying as it will result in goods shortages.

Panic-buying was triggered by increase of fuel price and sharp increase in the price of basic commodities.

CCZ Chairman Philip Bvumbe said panic-buying will result in shortages of goods forcing manufactures and retailers to raise prices.

“Last week, as you are aware, the parallel market rate went up to about 1:7 and all goods in shops went up and there was panic buying,” said Bvumbe.

“What we are urging consumers is that they must not go on a rampage of panic-buying.Supliers and retailers have been trying to reduce their prices because of the demand which has been low for some time,” he said.

“Let us be that the more we have an artificial demand for products, the retailers and manufacturers will be justified to increase prices. We encourage people not to go on a panic-buying spree,” Bvumbe added.  

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