Food prices have remained sticky in many parts of the world because of macroeconomic factors such as weak exchange rates, extreme weather and high energy prices.
Food prices increased at the slowest pace in at least nine months as the cost of cooking oil plunged, Bloomberg’s Shisa Nyama Index shows, vindicating the central bank’s decision to leave its benchmark rate unchanged after overall inflation slowed. The cost of a basket of goods in the index, which has been compiled since November and is designed to show the price of a traditional South African backyard barbecue in townships and rural areas, rose 10% in July from a year earlier.
Read: Shisa Nyama Index shows SA’s food costs are rising again Crunching data from the Pietermaritzburg Economic Justice and Dignity group, Bloomberg’s index tracks the prices of some of the key ingredients in a shisa nyama — potatoes, cooking oil, corn meal, onions, carrots, tomatoes, frozen chicken portions, beef and wors — a type of sausage made from a variety of ground meat offcuts.
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