Modi warns traders against errant price hikes

Business Reporter

INDUSTRY and Commerce Deputy Minister, Raj Modi has warned traders against the practice of errant price hikes on the back of calls to align operations to best practices.

Addressing delegates at the Edgars Stores Complex official opening in Bulawayo, Modi raised serious concerns about forward pricing by traders.

“The government is concerned about some acts of indiscipline being perpetrated by some among us and calls on members of the business community to maintain discipline in pricing our goods fairly and remitting our taxes to support revenue generation by the government.

“Allow me at this juncture to challenge both retailers and wholesalers to advance the interests of consumers ahead of profiteering .After all we are all consumers and no one is spared .I, therefore implore your sector to engage in responsible behaviour in the market,” he said.

Modi said unfair price hikes lead to adverse customer experiences , loss of consumer spending and unnecessary rise in consumer cost of living .

The Industry Ministry said it has been on a drive to ensure organised commerce working closely with both established retail chain stores and upcoming commercial entities to achieve the same.

“We are aware that the formal retail sector has witnessed its fair share of challenges , including price escalations , exchange rate instability, power outages and subdued consumer demand.

“Some of these interventions include a tight monetary policy intended to curb inflation that the government is implementing and the commissioning of Hwange Unit 7 and 8 to increase power generation,” added Modi.

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