Consumers are continually confronted by food price increases but at least the Competition Commission is keeping an eye on prices. 💵 Economy
The commission’s analysis of steep prices for sunflower oil throughout the value chain in August last year prompted the commission to investigate the price of a range of essential food products that include bread, cooking oil, maize meal, rice, flour, margarine and pasta at the retail and wholesale levels.
However, retailers appeared to have absorbed some of the increase which resulted in lower retail margins from March 2022. Then, from June to December 2022, the wholesale price of sunflower oil fell drastically from R32.72 to R23.88.The commission says the spotlight that fell on the conduct of processors of cooking oils in the report likely contributed to this decline and those companies remain under investigation. Meanwhile, the retail prices fell from R45.33 in July to R38.71 in December 2022.
The percentage margins may be similar to 2021, but the higher wholesale price means that retailers are taking more rand margin than before, which is unlikely to be justified, the commission says, adding that the net effect of processor and retailer conduct in 2022 is that consumers are still paying far more for cooking oil than in 2021.
The prices of five fruits and vegetables were generally volatile during 2022 and the Fresh Produce Market Inquiry will conduct an in-depth value chain analysis.Price of individually quick frozen chicken portions The feed-to-poultry value chain is highly concentrated with five firms making up 70% of total chicken production and the top two firms making up 50% of the market.
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