The prices of cereals, meat, fish, fruit oils and fats will moderate but the rand/dollar exchange rate remains a risk.
After eight months of South Africa's food inflation at levels above 12.3%, May 2023 data decelerated to 12.0%, down from 14.3% in April. fter eight months of South Africa’s food inflation at levels above 12.3%, May 2023 data decelerated to 12.0%, down from 14.3% in April.
More specifically, red meat prices, which have softened at the farm level, should continue on this trend at the retail level in the coming months. With that said, the relatively weaker rand/dollar exchange remains a risk to the prices of imported products that could reduce the gains for local consumers. This mainly applies to rice and wheat, becauseSouth Africa is a net importer of these products.
The price changes will also not be equal because of associated processing, packaging, distribution and labour costs. Still, these will not change the possible slowdown in price inflation. One aspect that some people continue to worry about is the effect of load-shedding on food prices. I believe that these load-shedding may continue to influence prices for the next few months.
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