No need to panic over imported inflation: Cross

By Tendai Munengwa

THE recent increase in the price of bread and other commodities has been attributed to a combination of global inflationary pressures and domestic market monopoly.

The price of bread has shot up to ZWL$600, while the cost of several other commodities has skyrocketed in recent weeks.

With most Zimbabweans pressing the panic button, renowned economist, Mr Eddie Cross says there is no need to panic over imported inflation which has been triggered by Russia’s special military operation in Ukraine.

“The President must not panic. The people must not panic, but we need to be cautious and support all government reactions to such pressures which are driven by a global commodity markets,” he said.

Mr Cross took a swipe at some big companies which are burning the mid-night oil to destroy the Zimbabwe dollar.

“The economic fundamentals are sound; our Zimbabwe dollar should be strong, but we are destroying our dollar. The Minister of Finance should trace the markets and institute proper mechanism to deal with these monopolies. These economic woes and attack on our currency will end in 24 hours,” said Mr Cross.