GMAZ increases its products’ prices

The Grain Millers Association of Zimbabwe (GMAZ) has increased prices for its grain products amid massive price increases for all basic commodities in the country.

This comes barely a week after GMAZ took a swipe at the skyrocketing prices of raw materials citing government failure to anticipate the negative impact of the interbank market.

In a statement last week, GMAZ said it is difficult for millers to obtain the foreign currency on the interbank market for local transaction and consequently millers are now resorting to parallel market.

The manufacturers of packaging, which includes the government owned Tregers are now demanding payment in foreign currency. It is difficult, if not impossible for millers to obtain the foreign currency on interbank for such a local transaction and consequently millers are now resorting to parallel market which has a premium rate currently at 1:8 This has seen packaging costs surging significantly,” read the statement.

GMAZ has since reviewed prices for its products upwards with effect from June 1 2019.

“10 kg Roller meal will trade retail price of RTGS$18, 35 whilst 20kgs will trade at RTGS$34, 77.

“Price for self-raising flour 2kg is RTGS$14, 72 while 2kg rice is pegged at RTGS$13, 98.”

GMAZ Media and Public Relations manager Garikai Chaunza confirmed the latest development.

We discussed this issue with all retailers and agreed to effect the price changes,” Chaunza said.

The move comes at a time Zimbabwe is facing major price increases that began in October last year due to shortages of foreign currency in the country.

Government has refused to control prices to avoid the 2007 situation which led to the disappearance of goods in shops.

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