Bread prices jump by 70% in Zimbabwe as economic crisis worsens

Zimbabwe’s official inflation rate is already above 130% – but real inflation may be double that. Source: Bread prices jump 70% in Zimbabwe as economic crisis worsens | Fin24 Zimbabweans have seen the price of bread increase by 70% this week, which alongside more fuel price hikes is accelerating a descent into hyperinflation and an economic crisis.This week, the bread price rose from $1 to $1.70 (~R26) at some outlets, due in part to the knock-on effects of wheat prices that are trading near record highs. Prices are skyrocketing on the back of supply shortage fears, amid falling exports from Ukraine and Russia, who supply more than a third of global wheat exports. But the bread price also increased in reaction to new measures implemented by the government to promote the use of the fast-falling Zimbabwean dollar. Purchases in foreign currencies, which now have to be taxed in the unit of exchange, are becoming relatively more expensive. Zimbabwe imports wheat and grain. Meanwhile, ...