The Grain Millers Association of Zimbabwe (GMAZ) has announced a reduction in the prices of mealie meal, flour and salt.
The price reductions are with immediate effect, according to GMAZ national chairperson, Tafadzwa Musarara.
In a circular to members of the Confederation of Zimbabwe Retailers, Retailers Association of Zimbabwe, wholesalers and other retailers of basic commodities, Musarara said the price reductions, made following high level deliberations, were aimed at protecting consumers
A five kilogramme packet of maize roller meal now costs $15,946.32 or US$2.90, 10 kg is now $27,593.65 or US$5.00 and 20 kg is now costing $52,237.94 or US$9:50.
According to the circular, the price of a 2kg packet of self-raising flour is now costing $11,547.33 or US$2.10 while the price of a 500 grammes packet of fine salt is now $1,374.68 or US$0.25, 1kg fine salt is now pegged at $2.639.40 or US$0.48 and 2kg is now $5,058.84 or US$0.92
Musarara said the stabilisation of the local currency must show a corresponding decrease in prices of basic commodities.
“Grain Millers Association of Zimbabwe recently held successful high level deliberations with the monetary authorities and, inter alia, reviewed the subsisting stabilsation in the economy, precipitated by the firming of the local currency against major currencies,” Musarara said in the circular.
“The current stable environment was, regrettably, preceded by a few weeks of price madness that invariably affected basic commodities leaving consumer disposable income gravely eroded.
"It is uncontroverted, therefore, that the current stabilisation must show a corresponding decrease in prices of basic commodities.”
The Consumer Protection Commission says some retail outlets reduced prices of basic grocery items by as much as 5% last week in response to the continued firming of the Zimbabwe dollar.
In May and June, the Zimbabwe dollar depreciated alarmingly but following intervention measures put in place by monetary authorities the local currency is firming resulting in the reduction of prices of goods and services.