South African food prices showed the slightest decrease in prices between December and 2023. The decline continues to be a pattern in the rate of inflation of food for the country, and will remain in place until 2024. Recent data on food prices provided by the Pietermaritzburg Economic Justice and Dignity group (PMBEJD) indicates that the prices of food items are rising in South Africa continued to climb during December, year-over-year, however they fell monthly.

The cost for food items in the Household Food Basket was recorded as R5,238.20 during December. R76.43 (or 1.4 percentage) less than November 2023, but R385.03 (0r 7.9 percent) more than December 2022. The year-to-year change in food prices is higher than the average inflation reported through Stats SA, but is declining.

Although the general market appears to be cooling the overall food price, some 23 foods experienced double-digit increases year-on-year which indicates significant price increases. Prices jumped by more than 20%, including potatoes with 50 percent, oranges +49%, apples +29%, bananas +25%, and green peppers in the range of +23 percentage.

[ R1 = EUR0.05 ]

Source: businesstech.co.za