Zimbabwean Government Summons Industry Heads Over Price Surge

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(Bloomberg) — Zimbabwe’s Industry & Commerce Ministry summoned the heads of more than a dozen business associations to discuss surging prices.

The southern African nation’s statistics agency announced on Wednesday that the annual inflation rate jumped to almost 132% in May — the highest level in a year.

Read: Zimbabwe’s Inflation Is Back Above 100% After Currency Plunge

“The ministry notes with concern the continued increase in the prices of basic commodities, which is negatively impacting consumer welfare,” the ministry said in a letter to bodies including the Grain Marketing Board, the Zimbabwe Sugar Association and the National Bankers Association of Zimbabwe.

It asked senior officials from the groups to attend meeting Thursday in the capital, Harare, to “discuss the increase in the prices of basic commodities,” it said.