INFOGRAPHIC: How food prices spiked in the last year | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Channelling Thatcher

    A battle with unions will be the biggest test for Ramaphosa and Mboweni, writes Pieter du Toit.

  • Liberty

    We are no longer turning around, we are growing, says the group's CEO as profit surge.

Loading...

INFOGRAPHIC: How food prices spiked in the last year

Apr 19 2017 17:54

Cape Town - Food price inflation, although moderating to 8.7% year-on-year in March from 10% year-on-year in February, was still the biggest driver of the  annual consumer price inflation (CPI).

READ: Consumer inflation breather - for now

CPI eased to 6.1% in March 2017 – slightly lower from 6.3% in February 2017, Statistics SA announced on Wednesday. 



NKC African Economics analyst Elize Kruger said it seems as if the food inflation cycle has not yet turned, as monthly declines were reported in only three of the nine food categories, namely bread and cereals, oils and fats and vegetables. These three categories represent 32% of the food basket.

Kruger said most other food categories’ prices are still higher compared to twelve months earlier. 

Meat prices, which comprise 35.5% of the food basket, rose 9.9% y-o-y in March, after recording considerable increases in the previous four months. This increase still reflects the reduced supply following the drought experienced in 2015 and 2016. 

The 1.7%-price increases in alcoholic beverages and tobacco in March reflected the annual increases in customs and excise duties, as announced in the National Budget delivered in February 2017.

Read Fin24's top stories trending on Twitter:


NEXT ON FIN24X

 
 
 
 

Company Snapshot

#BUDGET2020

Cuts to the public sector wage bill took centre stage at this year's Budget
 

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...