The price of bread has increased at some retailers in Zimbabwe to about $2.50 a loaf. The new prices came into effect this weekend. The old bread price was about $1.50
Zimbabweans have expressed shock at the new price. A customer that bought bread today at Innscor’s Bakers Inn in Mutare said they were shocked when they were asked to pay $5 for 2 loaves.
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Some retailers have however maintained the old price of $1.50.
The prices of basic commodities have been going up due to the currency crisis faced by the country. The increase in fuel prices by about 150% on 12 January 2019 worsened the situation as retailers have noted the higher costs of business.
The current parallel market of the US dollar to RTGS balances is 1USD : 3.9 RTGS.
The government has said that retailers are taking advantage of the situation to profiteer.
Professor Mthuli Ncube is the Minister of Finance and Economic Development. He was the Chief Economist and Vice President of the African Development Bank, financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland... Read More About Mthuli Ncube
Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any... Read More About RTGS