The Grain Millers Association of Zimbabwe (GMAZ) has announced that the price of bread will, from this Friday be reduced by 16% from $80 to $66 following a reduction in the cost of bread flour.
The new development was announced Thursday by the GMAZ chairperson Tafadzwa Musarara at a press conference in Harare.
He said GMAZ and Reserve Bank of Zimbabwe governor, John Mangudya recently held fruitful discussions on foreign currency allocations to millers, culminating in the reduction of bread price on the market.
“Following the reestablishment of the Foreign Currency Auction System by the Reserve Bank, GMAZ has had fruitful discussions with the RBZ governor, Dr. Mangudya whereupon foreign currency allocations to millers are now being made,” said Musarara.
“As a result, on behalf of wheat millers, I am pleased to announce that the cost of bread flour, with effect from 3 July 2020, has been reduced from $3,150 per 50kg to $2,136.89.”
The GMAZ boss said the latest developments had made bakers commit to reducing the price of bread on from the wholesale price of $59 and retail price of $66.00.
“Consequently, the bakers have committed to reduce the price of bread from wholesale price of $59 and retail price of $66.00 which is a 16% price reduction.
“From now on, our prices will be guided by Foreign Currency Auction Outcomes,” he added.
Most families are failing to buy bread as the commodity has been rising almost every week.