In December 2022, food prices in South Africa saw a significant increase. A basket of goods now costs 13.5% more than it did in 2022.

According to the latest Household Affordability Index by the Pietermaritzburg Economic Justice & Dignity group (PMBEJD), food prices in SA continued to rise in December, which put many households on the back foot at the start of 2023.

In December 2022, the group’s basket of nutritional foods amounted to R4,853.18, up by R17.21 (0.4%) from R4,835.96 in November 2022, and up R577.34 (13.5%) from R4,375.94 in December 2021.

The Bureau for Food and Agricultural Policy (BFAP) shows that food prices in SA remain at elevated levels, and that in the first quarter of 2023, consumers should expect higher prices.

“We expect that food inflation could peak in the first quarter of 2023, after which the higher base effects apparent from March will result in smaller inflationary effects during the rest of 2023,” said the BFAP.

The group continued, “In terms of the former, a reduction in prices based on a favourable Southern hemisphere crop could go a long way in curbing Bread and Cereal inflation during the first half of 2023, whilst this could also spill over into meat prices by the second half of the year.”

Darul Ihsan Media Desk