The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200.
The increase in bread prices has occurred in the context of a rapidly depreciating Zimbabwean Dollar and macroeconomic instability that has persisted in recent months.
Award-winning journalist, Hopewell Chin’ono, says the upsurge has been attributed to the decline of the Zimbabwean Dollar, which has resulted from misplaced economic policies and corrupt governance characterized by the misappropriation of public funds and the exploitation of the country’s natural resources. He said on Twitter:
Meanwhile in Zimbabwe bread has gone up inside 12 hours from Z$10,000 to Z$12,200. This has been caused by a crashing Zimbabwean Dollar due to misplaced economic policies and corrupt rule driven by the looting of public funds and plunder of the country’s natural resources.
The fluctuations in the performance of the economy have resulted from a combination of factors, including misplaced economic policies, corruption, and mismanagement of public resources, among others. These factors have contributed to high inflation rates, a decline in the value of the local currency, and a decrease in the purchasing power of citizens.
The Minister of Finance and Economic Development, Professor Mthuli Ncube, and the Reserve Bank of Zimbabwe have recently implemented a series of measures to stabilize the economy. However, there are no indications at present that these measures have been effective in achieving their intended outcomes.