Tongaat Hulett Zimbabwe has raised the price of both 2kg brown and white sugar by 17 percent for the third time in a row, adding more pressure onto consumers hit by soaring inflation. The last increase in the commodity’s price was on 19 June 2020.
According to a new price table from the sugar producer, a 1kg packet of brown sugar now costs ZWL$106.40 from ZWL$91.29 while a 2kg packet is now selling at ZWL$212.80 from ZWL$182.58. Also, a 5kg is now going for ZWL$532.00 and 10kg pegged at ZWL$1064.00.
On the other hand, the pricing table shows that a 1kg packet of white sugar increased by 17 percent to ZWL$112.45 from ZWL$96.11. A 2kg packet surged by the same to ZWL$224.90 from ZWL$192.23 previously. A 5kg and 10kg packet is now selling at ZWL$480.56 and ZWL$961.13 respectively.
Salaries across the country’s key economic sectors have remained subdued with employers continuing to award increments way below the Total Consumption Poverty Line. This comes as most companies are battling for survival amid the country’s deteriorating economic situation.
Prices of goods and services have risen by over 500 percent while the poverty datum line is way above ZWL$8 000. Most goods and services now require payment in United States dollar as the local currency lost its value.
The southern African nation conducted its first weekly foreign currency auction yesterday, which saw the Zimdollar trading at an average of 57.3582 to the US dollar after the government allowed it to freely float. However, street rates have breached the 90x mark.