By: Natasha Archary
The high cost of food has pushed the Consumer Price Index (CPI) to 7.1% in March from 7% in February.
This doesn’t bode well for the average South African household as food inflation spiked by 14%.
It’s now the second consecutive month that the cost of food has risen, putting further strain on cash-strapped South Africans.
According to Stats SA, food, non-alcoholic beverages and transport were the main drivers behind the annual and monthly increases.
Food prices increased by 14% over the past 12-months, with the most significant monthly increase coming in July 2022 by 1.5%.
The last time the cost of food climbed this rapidly was in March 2009 when the food inflation soared to 14.7%.
A number of food items including milk, eggs, cheese, sugar, sweets, fruits and vegetables all showed an upward inflationary pressure.
The milk and cheese product group reached an annual increase rate of 13.6% from a low 3.7% in April 2022.
Bread, cereals, meat, oils, and fish recorded slower inflation rates.
The annual increase for bread and cereals was 20.3% in March which was lower than that of February when inflation was at 20.5%.
Meat inflation edged lower to 10.6% from 11.4% in February, while the prices of oils and fats decreased for a seventh successive month.
The high cost of food has been questioned by the Competition Commission in March, saying there has been unjustified price hikes for staple foods in the country.
Over the past two years, consumers have been subjected to opportunistic price increases, for maize meal as well as unjustified price increases for sunflower oil, white, and brown bread.
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