South African food prices showed a small decrease in December 2023, continuing a declining trend in food inflation for the nation, which should continue into 2024. The latest food basket data from the Pietermaritzburg Economic Justice and Dignity group (PMBEJD) shows that food prices in South Africa continued to climb in December year-on-year, but dropped month-on-month.
The average cost of the Household Food Basket was recorded at R5,238.20 in December – R76.43 (or 1.4%) lower than in November 2023 but R385.03 (0r 7.9%) higher than in December 2022. Year-on-year food price inflation is still higher than headline inflation recorded by Stats SA, but is showing a downward trend.
While the overall basket appears to be easing, 23 food items still saw double-digit growth year-on-year, reflecting significant increases. These saw prices jump over 20%: potatoes at +50%, oranges at +49%, apples at +29%, bananas at +25% and green pepper at +23%.
[ R1 = €0.05 ]
Source: businesstech.co.za