Bakers reap burnt toast

Business Top Stories

Ndaka Majaka

LOCAL bakers are losing an average of RTGS$400,000 per day as Zimbabweans dump bread on the back of a 60 percent hike in the staple’s price, it has been learnt.

Sources in the baking industry said returns were averaging 30 percent as production had also been cut in light of depressed sales.

Retailers confirmed the depressed demand with Confederation of Zimbabwe Retailers President, Denford Mutashu, telling ZTN that customers were now opting for retail in-house loaves which cost between RTGS$10.00 and RTGS$11.00, shunning traditional bakers.

See more on this story and more in this edition of ZTN News Blitz – November 1, 2019 Morning