Price of bread has gone up by close to 48 percent as of this morning in a development expected to worsen the deteriorating standard of living for ordinary Zimbabweans, 263Chat Business can report.
A loaf of bread now costs $ 9.70 from the previous $ 7.
The development means bread price has moved up by over 500 percent since beginning of year.
In February, a loaf of bread was selling at $ 1.40.
The reason behind the latest round of increase is yet to be established as the Bakers Association of Zimbabwe (BAZ) kept skirting inquiries from this publication.
But sources say, this could have been driven by the depreciating Zimbabwean dollar which has been on a tailspin since last week.
The Zimbabwean dollar is now valued at ZWL$ 15 to US$ 1, and this have driven cost pressures on imported wheat.
A fortnight ago the Grain Millers Association of Zimbabwe (GMAZ) allayed fears of shortages of bread following an agreement with a new supplier of grain and stocks are already trickling into the country at bond.
“The milling industry is now geared for the festive season where we experience high demand for confectionaries, bread and other products that are made from flour,” GMAZ chairman, Tafadzwa Musarara told reporters at the arrival of the initial wheat consignment by the new suppliers recently.
However, the weakening of the local currency is widely feared to have incapacitated players to buy the product and produce at the same cost.
The economy has seen an increase in inflation in recent months, and analysts believe it has breached the 400 percent mark as at end of August.