Food prices in South Africa remain high – here’s what to expect for the next few months.
Food prices in South Africa shot up significantly in December 2022, where a basket of goods cost 13.5% more than the year before.
Prices were also up over 10% from the start of the year, where the basket was recorded at R4,401.02 in January 2022. The majority of South African households can ill-afford these elevated prices, with the PMBEJD’s data showing that an estimated 30.4 million people in the country – more than half the population – are currently living below the upper-bound poverty line of R1,417 a month.
According to the BFAP, food inflation is likely to remain high in the first three months of 2023 as the full effects of persistently increasing commodity prices and weaker exchange rates filter through to retail markets. “In terms of the former, a reduction in prices based on a favourable Southern hemisphere crop could go a long way in curbing Bread and Cereal inflation during the first half of 2023, whilst this could also spill over into meat prices by the second half of the year,” the group said.
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