Food price increases ‘unjustified’, says Competition Commission: The prices of sunflower oil, white and brown bread and maize meal were “opportunistically” and “unjustifiably” increased from January to December 2022, according to the Competition…
The Competition Commission is investigating the price of a range of essential food products at the retail and wholesale levels. File photo.As South Africans tried to recover from the negative economic impact of Covid-19, the prices of sunflower oil, white and brown bread and maize meal were “opportunistically” and “unjustifiably” increased from January to December 2022. The report finds that
from January to December 2022, white and brown bread retail prices increased faster than producer prices . This implies that shelf price increases may not be justified by costs. The price of maize meal increased 32% from R26.62 to R35.29 from January to December 2022, while the South African Futures Exchange price of white maize increased at a slower rate. This resulted in the price of maize charged by farmers being a lower proportion of the retail price of maize meal over the year.
The commission found this concerning and said it may indicate opportunistic behaviour throughout the value chain and raises questions about the use of export parity pricing throughout the maize value chain. The prices of the five fruits and vegetables were generally volatile over 2022 and an in-depth value chain analysis will be conducted by the fresh produce market inquiry.
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