Good news for braai lovers in South Africa
The latest household affordability index from the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) shows that food prices in the country have taken a significant turn for the better, and year-on-year inflation has eased.
The group’s index, based on a basket of 44 essential foods most commonly bought by the majority of households in South Africa, showed a 1.5% decline in prices month-on-month, with year-on-year prices up only 3.9%—well below headline inflation.
In June 2024, the average cost of the Household Food Basket was recorded at R5,252.77. The average cost decreased by R77.53 (-1.5%) from R5,330.30 in May 2024.
Year-on-year, the average cost was up by R196.32 (3.9%) from R5,056.45 in June 2023.
Of the 44 food items carried in the basket, 30 saw prices decline in June 2024, while 14 saw prices climb between May and June 2024.
Between June 2023 and June 2024, the inverse was true: 13 food prices came down, one stayed the same, and 30 others saw prices climb.
Braai time
Extrapolating the latest prices onto the Bloomberg Braai Index, the numbers show that it has become cheaper to engage in South Africa’s favourite pastime.
The index comprises food items that are most commonly used when having a braai, including the meat (Beef, worse, chicken portions), vegetables (spinach, carrots, tomatoes, potatoes, onions, green pepper) and others (samp, maize, curry powder, salt).
In both the month-on-month index and the year-on-year index, prices for a braai have come down, with the overall index showing declines of 1.7% and 2.5%, respectively.
Year on Year Overall index [-2.5%]
Month on Month Overall index [-1.7%]
Food prices
Price pressure is still being felt in key food categories like rice, sugar and sugar beans, where prices are still in the double-digits.
This is owing to crop pressures globally.
Egg prices are also still high, as the market is still settling from pressures seen at the end of last year.
Regionally, prices are also down in most areas month-on-month. Though year-on-year pricing shows that prices are still out of whack in some metros, like Joburg.
- The Joburg basket decreased by R53.41 (-1.0%) month-on-month, and increased by R506.94 (10.1%) year-on-year, to R5,539.88 in June 2024.
- The Durban basket decreased by R212.96 (-4.0%) month-on-month, and increased by R51.89 (1.0%) year-on-year, to R5,127.83 in June 2024.
- The Cape Town basket decreased by R29.25 (-0.6%) month-on-month, and increased by R116.28 (2.3%) year-on-year, to R5,100.74 in June 2024.
- The Springbok basket decreased by R105.52 (-1.9%) month-on-month, and increased by R75.67 (1.4%) year-on-year, to R5,471.96 in June 2024.
- The Maritzburg basket increased by R94.11 (1.9%) month-on-month, and increased by R141.85 (2.9%) year-on-year, to R5,087.89 in June 2024.
- The Mtubatuba basket decreased by R90.67 (-1.7%) month-on-month, and decreased by R53.32 (-1.0%) year-on-year, to R5,233.42 in June 2024.
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