Ncube’s taxes push bread prices up in Zimbabwe

Source: Ncube’s taxes push bread prices up – The Standard The price of a standard loaf of bread is now pegged at $1.20, a 20% increase from last month as new taxes introduced by Finance minister Mthuli Ncube in the 2024 budget begin to bite. Ncube has already been forced to revise some of the measures in his $58,2 trillion budget that saw the introduction of a raft of new taxes. A survey by The Standard at some major supermarkets in Harare showed that bread now costs between $10 000 and $11 000. Confederation of Zimbabwe Retailers president Denford Mutashu attributed the increases to movements in the exchange rate. “The increase is at the supply side that has captured the movement of the exchange rate both on the official and unofficial markets,” Mutashu said. At tuckshops in Harare’s Arcadia suburb bread is being sold for US$1.20 while some traders in high density suburbs are charging US$1.10 for a loaf of bread. Grain Millers Association of Zimbabwe (GMAZ) president Tafadzwa ...