The prices of cooking oil have skyrocketed amid reports that manufacturers want to halt production. According to Team Pachedu posts on social media, cooking oil prices escalated to US$7.09.
The shooting prices of cooking oil came following a suspension of sugar processing by Tongaat Hullet which came as a result of the government’s dramatic ban on bank landings to corporates.
The Minister of Finance Professor Mthuli Ncube said that the economic growth forecast for 2022 has been revised.
“The global economic forecasts of 4.4% for 2022 has been revised to 3,6%. Global tension has seen energy prices skyrocketing. As we know, Russia contributes 19% of the crude oil blend. Prices of oil are now USD $129 per barrel, resulting in increased inflation,” Professor Mthuli Ncube.
Mthuli Ncube also said the current economic carnage reflected seismic global economic upheavals, mainly occasioned by the ongoing armed conflict between Russia and Ukraine.”
There is tension around the world currently and this has resulted in a disruption of the global economic chain, affecting its growth,” Ncube said.
Ncube also claimed that Zimbabwe was suffering from the effects of what he termed a ‘ global spiral’ caused by the importation of global inflation in most economies, especially emerging ones like Zimbabwe.” Typically, other markets fall in such nations ” added Ncube.