Food prices up 49% in 5 years

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Food price hikes Food price hikes yet again. ~ Shutterstock
Cape Town - A comparison between a basket of goods by sister publication City Press on how food prices have increased over five years shows that seven basic items alone have increased by an accumulative 49% from January 2008 to April 2013.

The cost of bread, meat, milk, cheese, vegetables, sugar and cooking oil among others in January 2008 were compared with prices for the same products in April 2013. Where consumers had to pay R189.94 in January 2008 for these products, they now had to fork out R283.09 for the same items, a 49% increase from five years ago.

Other items in the basket that were compared, included luxury, "sin" goods chocolates, coffee, beer, wine and cigarettes, which also showed an accumulative 49% increase in the review period.

The price of bread alone skyrocketed 69% in the 5-year period, while meat went up 40%.

Economists and consumer bodies earlier warned that inflation, now at just under 6%, will rise to 9% by the end of the year, blaming a weaker rand, high electricity and fuel prices, increased labour costs, droughts and international food price hikes.

On Friday, the rand tumbled more than 2% against the dollar to hit another four-year low amid concerns about the health of the South African economy.

The rand dropped to R10.2850/$, but clawed back to last trade at R10.07.

A weak rand means that foods such as grain and red meat – staple foods for many middle class households – are expected to increase.

See how food prices have increased over five years by CityPress



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