There have been unjustified price hikes for staple foods in South Africa.
The Competition Commission reports that over the past two years, customers in South Africa have been subjected to “opportunistic price increases” for maize meals as well as unjustified price increases for sunflower oil, white, and brown bread.
Kaya Biz with Gugulethu Mfuphi spoke to Dr. Thulani Mandiriza – Principal Economist at the Competition Commission about the report and the effect food prices have had on South Africans.
LISTEN TO THE FULL CONVERSATION HERE:
The latest Essential Food Pricing Monitoring (EFPM), spanning 2021 and 2022, was released by the commission.
The Covid-19 pandemic and, more recently, Russia’s conflict in Ukraine and persistent load shedding were two black swan events that contributed to the market’s erratic behaviour, prompting the publication of the report.
“The food sector remains a priority for the commission as poor consumers spend a significant portion of their income on essential food items.”
“As food inflation remains elevated and load shedding continues to affect business operations, food price monitoring will remain a priority for the commission, given its importance to the welfare of South Africans.,” the commission said.
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