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Latwell Nyangu
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, have gone down.
This is in response to the measures put in place by authorities to deal with price increases witnessed during the first quarter of this year. Speaking during the post-Cabinet briefing, Information, Publicity and Broadcasting Services, Dr Jenfan Muswere, said the Cabinet noted stability in prices and availability of basic commodities in the economy during the period April to June 2024.
“The Second Quarter of 2024 was largely characterised by stability in the prices and availability of basic commodities across all provinces, both in ZiG and USD terms. 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. 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 in United States Dollars currency for 10-kilogram pack.”
The prices of basic commodities have been stable.
“The price of a 2-litre 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 in United States Dollars. Bread price has also remained stable, ranging between ZiG14 and ZiG14.50, and between US$1 and US$1.20 in United States Dollars. 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. 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 added: “There is improved ZiG uptake in the market, with transactions on Point-of-Sale swipe machines seen to be dominant in major formal retail outlets. Most outlets have pegged their products in ZiG, while some few still display the prices in United States Dollars, although the prices are payable in both currencies. In most retail shops, 80 percent of the formal retailers’ transactions are currently in ZiG while 20 percent are in United States Dollars.”-H Metro
Online Reporter