Business / Local
Bread price slash looms
15 Jun 2015 at 10:29hrs | Views
The price of bread could further be reduced as the Grain Millers Association of Zimbabwe (GMAZ) reduced the price of flour by 10 percent.
In March bakers reduced the cost of bread from $1 per loaf to between 90 cents and 95 cents in line with a Reserve Bank of Zimbabwe (RBZ) plea for business to adjust their prices downwards following the introduction of bond coins to ease the unavailability of change.
According to the Herald, GMAZ president Tafadzwa Musarara said the millers would continue finding ways to ensure fair and affordable prices for Zimbabweans.
"Pursuant to the previous meetings held with the Reserve Bank of Zimbabwe Governor John Mangudya on the reduction and stabilisation of prices of staple foods, particularly bread, I'm pleased to announce that the milling sector has reduced the price of bread flour by 5-10 percent," said Musarara.
The Bakers Association president Givemore Mesoemvura said they would meet to assess the situation on the ground and react accordingly.
"We welcome the price reduction on flour, but flour is one of the many components that go into bread making. As stakeholders, we will have to meet and assess the situation on the ground and react accordingly,".
Since the adoption of the multi-currency regime in 2009, a standard loaf of bread has been selling at $1 owing to the unavailability of smaller denominations for change.
It was reduced by 10% recently, following the introduction of bond coins in denominations of one, five, 10 and 25 cents valued at par with US cents.
The coins were meant to address the price distortions.
In March bakers reduced the cost of bread from $1 per loaf to between 90 cents and 95 cents in line with a Reserve Bank of Zimbabwe (RBZ) plea for business to adjust their prices downwards following the introduction of bond coins to ease the unavailability of change.
According to the Herald, GMAZ president Tafadzwa Musarara said the millers would continue finding ways to ensure fair and affordable prices for Zimbabweans.
"Pursuant to the previous meetings held with the Reserve Bank of Zimbabwe Governor John Mangudya on the reduction and stabilisation of prices of staple foods, particularly bread, I'm pleased to announce that the milling sector has reduced the price of bread flour by 5-10 percent," said Musarara.
"We welcome the price reduction on flour, but flour is one of the many components that go into bread making. As stakeholders, we will have to meet and assess the situation on the ground and react accordingly,".
Since the adoption of the multi-currency regime in 2009, a standard loaf of bread has been selling at $1 owing to the unavailability of smaller denominations for change.
It was reduced by 10% recently, following the introduction of bond coins in denominations of one, five, 10 and 25 cents valued at par with US cents.
The coins were meant to address the price distortions.
Source - Herald
