Food prices in South Africa remain stubbornly high.
The latest Household Affordability Index by the Pietermaritzburg Economic Justice & Dignity group shows that food prices in South Africa continued to rise in February 2023.
The year-on-year increase outstrips headline inflation by quite a considerable margin, and came in slightly lower than food inflation. Headline inflation was recorded at 6.9% in January, down marginally from 7.2% in December 2022.According to Stats SA, food inflation is being driven by bread and cereal products, with the annual rate reaching 21.8% in January. This is markedly higher than the low of 1.5% recorded in January 2022. In fact, this reading is the highest since February 2009 .
Meat inflation increased to 11.2% in January from December’s 9.7%. Individually quick frozen chicken portions, the highest-weighted meat product, witnessed a monthly price increase of 2.7% between December and January. Annual fish inflation quickened to 13.0% from 10.4% in December. This is the highest annual inflation rate for fish since May 2009 when it was 14.2%.
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