Tridge summary
The Grain Marketing Board (GMB) of Zimbabwe has increased the price of wheat by 30%, leading to expectations of a hike in bread prices. The new wheat price is $310,000 per tonne in local currency or $680 at the interbank rate. The National Bakers’ Association of Zimbabwe has warned that bakers will pass on the increased costs to consumers. Inflation in Zimbabwe has surged to 256,9%.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Source: Another bread price hike looms – NewsDay Zimbabwe BY PRIVELEDGE GUMBODETE ZIMBABWEANS should brace for another bread price hike after the Grain Marketing Board (GMB) increased the price of wheat by 30%, industry officials said yesterday. NewsDay understands that GMB increased wheat prices from $239 000 to $310 000 per tonne in local currency, or US$680 at the interbank rate. National Bakers’ Association of Zimbabwe president Dennis Walla said players in the sector would be forced to also increase the bread price to cover operational costs. “Wheat is a major component in the baking of bread. So when GMB increases the price, it affects the pricing of bread,” he said in an interview. A loaf of bread is currently pegged at $790 or US$1,75 using the interbank rate in retail shops. On the streets, bread is being sold for US$1 plus $200 to $300. Grain Millers Association of Zimbabwe corporate affairs manager Andrew Kunambura said they were trying to negotiate with GMB over the ...
Source: Zimbabwesituation
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