Price of bread to be reduced because bond coins are now readily available


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Conglomerate Innscor Africa says it is working on a new pricing model for all products which might even see the price of bread going down to 90 cents due to the introduction of bond coins.

Currently, the bread is retailing at $1 per loaf and Innscor’s Bakers Inn is the largest bakery in the country, producing 850 000 loaves daily.

Innscor southern region managing director Warren Meares said today that they will not round off prices as they used to do as the change was now readily available.

“We are trying to work on our prices because the change is readily available. Some of the products that have been costing, say $0.50c would be revised down to either $0.30 or $0.35c. For the bread we are still consulting on how best we can do it. We are still negotiating whether we can put it at 90c or 95c per loaf,” he said.

Apart from Bakers Inn, the group operates retail supermarkets – Spar Zimbabwe.

For the past few days Innscor has been advising its customers that it fully embraces the bonded coin initiative of the Reserve Bank of Zimbabwe (RBZ) as legal tender.

The group said that all of its retail outlets are using bond coins for providing change for the convenience of customers.

RBZ unveiled four coins in denominations of one, five, 10 and 25 cents late last year.

Their values are on a par with US cents and are only for local use.

“We are also accepting bond coins as a medium of exchange for the purchase of goods. Bond coins are also useful for fostering and enhancing price competitiveness. It is against this background that Innscor has already reduced prices in its businesses and will through the month of January continue re-visiting its prices to assist in making life more affordable for all its customers,” said Innscor in the notice.- The Source

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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