Zimbabwe to introduce measures to stabilize prices, inflation

FILE PHOTO - Illegal money changers pose while exchanging a new Zimbabwe bond note
FILE PHOTO – Illegal money changers pose while exchanging a new Zimbabwe bond note

Zimbabwean President Emmerson Mnangagwa is expected to announce a raft of measures on Saturday to tame inflation and stabilize prices.

“My government will tomorrow be announcing concrete measures to tame inflation and unwarranted increases in prices towards securing the incomes and savings of our people, particularly women,” Mnangagwa said while addressing the 7th national conference of the ruling ZANU-PF Women’s League in the capital Harare.

Zimbabwe has seen a wave of price increases for basic commodities and fuel in recent months, amid soaring inflation which jumped to 131.7 percent in May, marking the first time in 10 months that the figure rose above 100 percent.

Government health workers, including doctors and nurses, are on strike demanding better pay. The strike, which started Monday, has paralyzed operations at public health institutions.

Zimbabwe’s state-owned telecommunications company TelOne said Friday it is facing viability challenges due to rising inflation.

The general price increases in the market and the rising cost of fuel and power have had a significant impact on the overall cost structure of the company, it said.

Last month, the government lowered tariffs on imported basic commodities in a bid to curb soaring prices.