The Reserve Bank of Zimbabwe (RBZ) has condemned businesses that have increased the prices of basic groceries, such as bread, describing the wave of unjustified price hikes as economic exploitation that threatens national stability.
Speaking to delegates at the Insurance and Pensions Symposium in Victoria Falls on Thursday, RBZ Deputy Governor Innocent Matshe said businesses are exaggerating the impact of fuel price increases in order to inflate the prices of foodstuffs. He said:
“I am told that bread has risen to US$1,10 a standard loaf of bread, and I’m asking, where does the US$0,10 come from?
“It’s not related to the percentage contribution of transportation. It doesn’t contribute 25 per cent, or nowhere near 20 per cent.
“You can see that people really have exaggerated the movement in the price of fuel.
“It’s mostly a perception that because there is this rise in the price of fuel, we should jack prices up in an exaggerated manner.”
Fuel prices in Zimbabwe saw significant increases throughout March 2026. At the end of February, Diesel 50 was priced at US$1.52 per litre.
Following an initial mid-month adjustment to US$1.77, the price surged to a high of US$2.05 per litre on 18 March.
Petrol (E5) experienced an even sharper rise during the same period. It started the month at US$1.56 per litre, increased to US$1.71 on 4 March, and peaked at US$2.17 per litre by 18 March.
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