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Judith Phiri, Business Reporter
THE Government has said the second quarter of 2024 was largely characterised by stability in the prices and availability of basic commodities across all provinces, both in Zimbabwe Gold (ZiG) and United States Dollar (USD) terms.
Cabinet on Tuesday received and noted an update on prices and availability of basic commodities in the economy during the second quarter of 2024, covering the period April to June 2024, as presented by the Minister of Industry and Commerce, Nqobizitha Mangaliso Ndhlovu.
In a post-Cabinet briefing, Minister of Information, Publicity and Broadcasting Services, Dr Jenfan Muswere said the ZiG currency also slightly appreciated in value against the US$.
“The ZiG currency slightly appreciated in value by 0.51 percent against the US$ during the period under review, with the tight monetary stance that has been maintained having resulted in exchange rate stability, which has translated into the stability of prices of basic commodities on the market,” he said.
He said the market is well stocked with mealie-meal and its price has been stable, ranging between ZiG100.01 and ZiG103.8, and between US$5.30 and US$8.50 for a 10-kilogramme pack.
Dr Muswere said the price of a 2-liter bottle of cooking oil has been stable as well, ranging between ZiG54.63 and ZiG56.50, and between US$3.30 and US$4.70, while bread price has also remained stable, ranging between ZiG14 and ZiG14.50, and between US$1 and US$1.20.
The Minister added: “Sugar supply has relatively improved countrywide and its price has remained stable during the months of May and June 2024. The price of laundry soap remained unchanged, ranging between ZiG23.13 and ZiG23.50 in local currency.”
He said the prices of most basic commodities in the formal sector are gradually converging with prices in the informal market, and the prices of some basic commodities, such as cooking oil and mealie meal decreased, in response to the measures put in place to deal with price increases witnessed during the first quarter of 2024.
Dr Muswere said there was improved ZiG uptake in the market, with transactions on point of sale swipe machines seen to be dominant in major formal retail outlets.
He said most outlets have pegged their products in ZiG, while some few still display the prices in USD, although the prices are payable in both
currencies.
The Minister said: “In most retail shops, 80 percent of the formal retailers’ transactions are currently in ZiG while 20 percent are in USD.”
Bongani Ndlovu