Food prices set to increase

2014-02-06 00:00

IT’S time to batten down the hatches, say the experts. Things are about to get rough.

The major fast-moving consumer goods producers and distributors have already warned retailers of price increases of five to 10%, and these prices could rise further in March.

The prices of major food ingredients such as wheat, maize and rice have been hit hard by the weaker rand as the prices of these commodities are based on dollar prices.

The prices of potatoes, bread and meat are expected to rise.

On top of that, logisics companies have been severely affected by the rising cost of fuel.

Economist Dr Clive Coetzee, who is the general manager of infrastructure management and economic services at the KZN Provincial Treasury, said that unless you are an exporter or an active saver, it will be difficult to find positive factors in the current situation.

“Businesses should focus on cash flow and productivity, and households should find ways to save,” he said.

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