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Prices madness as RBZ floats rate



FOLLOWING the liberalisation of the exchange rate earlier this week, prices of most basic commodities have shot through the roof, with some retailers rejecting the Zimbabwe dollar.


 A snap survey by The NewsHawks on Friday showed that OK supermarket chain had set the price of a tub of magarine at ZW$50 000 and ZW$53 000 for a 2kg packet of chicken cuts which translates to US$10 at the bank rate (US$1:ZW$5 328), with the price having shot up from US$7 the previous week.

 A 2-litre bottle of cooking oil was pegged at ZW$27 000, which translates to US$5 at the bank rate.

There are other pictures circulated on social media showing Proton super white bread pegged at ZW$9 999 on Thursday before rising to ZW$12 000 on Friday.

Basic goods such as sugar were only available in 1kg packets for brown sugar which was priced at ZW$18 000 in OK supermarkets. Pick n Pay had lower prices on shelf displays, but consumers complained that the prices were not the same at the till point.

A 2kg magarine tub that was priced ZW$25 000 on the shelf rose to ZW$40 000 at the paypoint. Food World had even displayed a notice apologising to customers in advance for discrepancies in pricing from the ones displayed on the till and the prices showing at the till point, well in advance.

The same outlet had most basic goods such as rice, salt, mealie-meal and cooking oil priced exclusively in foreign currency.

Meanwhile, the Consumer Council of Zimbabwe reported that the family basket has risen to ZW$1 million monthly, up from ZW$611 275 in April.

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