Bread prices double since January

The cost of bread in Zimbabwe has more than doubled since January, after a seventh price hike in as many months, AFP reported on Tuesday, quoting a local consumer watchdog. The Consumer Council of Zimbabwe (CCZ) said bread prices went up by 15 percent this week, but the domestic ZIANA news agency reported a hike of between 7.5 percent and 20 percent. A standard loaf of white bread now costs around 50 Zimbabwean dollars (US $0.90) up from 23 Zimbabwean dollars (US $0.42) in January this year.

The retail price of bread has been going up nearly every month since the beginning of the year by an average 15 percent.

The consumer council has condemned the bread price hike, which bakers blame on rising cost of inputs - flour, sugar, yeast, labour and fuels. “Consumer Council (of Zimbabwe) strongly protests against unjustified monthly price hikes of basic commodities,” said CCZ director Elizabeth Nerwande. A 30 percent hike in the price of bread sparked riots in the capital in October last year.

Prices of basic commodities, including fuels have doubled, in some cases tripled in the last 18 months as Zimbabwe goes through its worst ever economic crisis. “Consumers cannot finance the economic crisis forever,” said Nerwande in a statement.

Economists have said the southern African country is going through the “great depression” due to political instability. The current economic crisis is characterised by inflation at around 60 percent, unemployment hovering around similar rates and critical shortages of foreign currency.