{"id":700821,"date":"2023-07-03T15:09:42","date_gmt":"2023-07-03T13:09:42","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=700821"},"modified":"2023-07-03T15:09:42","modified_gmt":"2023-07-03T13:09:42","slug":"these-food-prices-in-south-africa-are-still-stubbornly-high","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/lifestyle\/700821\/these-food-prices-in-south-africa-are-still-stubbornly-high\/","title":{"rendered":"These food prices in South Africa are still stubbornly high"},"content":{"rendered":"\n

The Pietermaritzburg Economic Justice & Dignity Group (PMBEJD)’s Household Affordability Index shows food prices in South Africa slightly decreased in June. However, the prices of essential staples remain high, and the pressure on consumers’ wallets is expected to persist.<\/p>\n\n\n\n

For June 2023, The average cost of the Household Food Basket is R5,056.45.<\/strong> Month-on-month, the average cost of the basket decreased by R15.14 (-0,3%), from R5 071,59 in May 2023.<\/p>\n\n\n\n

However, year-on-year, the average cost of the Household Food Basket increased by R367,65 (7,8%), from R4 688,81 in June 2022.<\/p>\n\n\n\n

This increase outstripped headline inflation for May but came in lower than food inflation. Headline inflation was recorded at 6.3% YoY in May, down from 6.8% YoY in April.<\/p>\n\n\n\n

Inflation for food & non-alcoholic beverages slowed in May at 11.8% from April\u2019s print of 13.9%. The price index for this category increased by 0.3% between April and May, the lowest monthly reading since November 2021.<\/p>\n\n\n\n

Most food and NAB categories recorded lower annual inflation rates in May, except sugar, sweets and desserts, and cold beverages.<\/p>\n\n\n\n

Annual meat inflation slowed to 7.1% from 9.5% in April. On average, meat prices declined by 0.4% between April and May, with notable monthly decreases recorded for stewing beef (down 2.4%), pork (down 1.4%) and beef mince (down 1.3%).<\/p>\n\n\n\n

After peaking at an annual rate of 37.6% in August 2022, the index for oils and fats continued to fall sharply in May, recording a ninth consecutive month of decline. Prices for oils & fats decreased by 2.2% between April and May 2023, pulling the annual rate down to -2.4%.<\/p>\n\n\n\n

Bread and cereals inflation slowed to 18.1% in May from 20.8% in April.<\/p>\n\n\n\n

However, the prices for sugar, sweets and desserts increased by 11.9% in the 12 months to May 2023, up from April\u2019s 10.7%. The reading in May is the highest since July 2017, when the rate was 14.5%.<\/p>\n\n\n\n

These trends are broadly reflected in the PMBEJD data.<\/p>\n\n\n\n

The PMBEJD basket comprises 44 core food items most frequently purchased by lower-income households, who make up most households in the country.<\/p>\n\n\n\n

In the basket, nine items showed a price drop between June 2022 and June 2023. Only Cooking oil showed a significant (>10%) drop in price. <\/p>\n\n\n\n

The other 35 items in the basket all saw a price jump \u2013 15 of which were 10% or more. There were 5 items, however, which saw significant price increases of over 20%:<\/p>\n\n\n\n