Great news for braai lovers in South Africa

Along with lower food price inflation for June, the latest data from the Pietermaritzburg Equity Justice and Dignity (PMGEJD) group shows that the cost of having friends over for a braai is also coming down.
This is contained in the latest Braai index, compiled by Bloomberg.
According to the group, the falling price of pap has delivered good news and will help the South African Reserve Bank consider interest rate cuts.
Sticky food inflation has been one of the reasons the SARB has been hesitant to ease policy, though two of its six policymakers wanted a cut last month, signalling a reduction could be part of the debate when they meet in September.
Cooling food prices may help make that case.
Bloomberg’s Braai Index, an early guide on which way food inflation may be headed, showed the average cost of a backyard barbecue fell 0.4% in July from a year earlier.
The main drivers of the decline were a drop in the prices of onions, cooking oil and corn meal.
The central bank has held rates at a 15-year high of 8.25% since mid-2023 and vowed not to adjust policy until price pressures were heading sustainably to the midpoint of its 3% to 6% target range.
South Africa’s official headline consumer prices rose an annual 5.1% in June, with food and non-alcoholic beverages advancing 4.6%. July inflation data will be released on 21 August.
“Slower food inflation in South Africa has contributed to the overall deceleration of headline CPI, giving the SARB comfort that the midpoint of 4.5% will be met,” said Razia Khan, Standard Chartered Bank’s chief economist for Africa and the Middle East.
Kom ons braai
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).
To compile its survey, the PMBEJD’s data collectors track food prices on the shelves of 47 supermarkets and 32 butcheries that target the low-income market in the greater areas of Johannesburg, Durban, Cape Town, Pietermaritzburg, Springbok in the far northwest and the far northeastern town of Mtubatuba.
The month-on-month index showed prices for a braai coming down by 1.2%. Year-on-year, prices were down 2.2%.
Month-on-month index change [-1.2%]
Year-on-year index change [-2.2%]
Food prices in South Africa
The PMBEJD’s data shows that, outside the braai index, food price inflation is flat month-on-month and has come down significantly year-on-year at only 3.3%.
In July 2024, the average cost of the group’s Household Food Basket was recorded at R5,252.15. This is down R0.62 (-0.0%), from R5,252.77 in June 2024, and up R170.21 (3.3%), from R5,081.94 in July 2023.
There were 22 foods that increased in price and 22 foods that decreased in price.
Foods in the basket which increased in price in July 2024 by 5% or more, include: samp (6%), eggs (5%), and green pepper (6%).
Foods in the basket which increased in price in July 2024 by 2% or more, include: maize meal (2%), rice (3%), chicken livers (2%), cremora (2%), apples (2%), peanut butter (3%), white bread (3%), and brown bread (2%).
Foods in the basket which decreased in price in July 2024, by 5% or more, include: tomatoes (-8%), carrots (-9%), butternut (-6%), spinach (-6%), and oranges (-5%).
Foods in the basket which decreased in price in July 2024, by 2% or more, include: onions (-2%), curry powder (-4%), soup (-2%), tea (-4%), chicken gizzards (-2%), wors (-2%), beef tripe (-2%), cabbage (-4%), polony (-2%), and apricot jam (-2%).
Regional differences
In July 2024, food baskets decreased in Joburg, Cape Town, Springbok and Pietermaritzburg. Food baskets increased in Durban and Mtubatuba.
- The Joburg basket decreased by R6.38 (-0.1%) month-on-month and increased by R381.99 (7.4%) year-on-year to R5,533.49 in July 2024.
- The Durban basket increased by R84.72 (1.7%) month-on-month and increased by R190.88 (3.8%) year-on-year to R5,212.55 in July 2024.
- The Cape Town basket decreased by R67.69 (-1.3%) month-on-month and by R21.73 (-0.4%) year-on-year to R5,033.05 in July 2024.
- The Springbok basket decreased by R70,32 (-1.3%) month-on-month and increased by R101.32 (1.9%) year-on-year to R5,401.64 in July 2024.
- The Maritzburg basket decreased by R22,66 (-0.4%) month-on-month and increased by R120.52 (2.4%) year-on-year to R5,065.24 in July 2024.
- The Mtubatuba basket increased by R14.68 (0.3%) month-on-month and by R78.82 (1.5%) year-on-year to R5,248.10 in July 2024.
(With Bloomberg)
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