Food prices escalate dramatically

2016-05-05 06:00
PHOTO: stats sa An infographic shows the rise in food costs from March 2015 to March 2016.

PHOTO: stats sa An infographic shows the rise in food costs from March 2015 to March 2016.

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IT’S common knowledge that the price of food has increased drastically in recent months and the reason for this is the drought, but exactly how much has your basic grocery basket items escalated by?

According to Stats SA, South African consumers paid an average of 9.8% more for their groceries this March than they did in March 2015.

This is the highest year-on-year rise since February 2012.

Fruit and vegetables have risen 18.7% with tomatoes, pumpkins and bananas going up the most.

Oils and fats has seen an 18.1% increase followed by bread and cereal, which have gone up by 13.3%.

Sugar and desserts have also seen a rise of 11.7%, fish by 6.4%, meat by 6.1% and dairy by 3.6%.

Clothing and footwear increased by 4.8%, transport by 4.5% and housing and utilities went up by 6.4%.

In a recent article written by Christie Viljoen, financial risk manager at KPMG in South Africa, the country will have to import up to half of its grain in 2016.

This is a problem as the rand is sitting at a record low.

During 2015, the South African Weather Services recorded an average rainfall of 403mm, the lowest since records started being kept 50 years ago.

The government’s crop estimates committee says this level of rain will result in an almost 25% decline in grain harvest.

Although the reserve bank hiked interest rates in January, many economists are far from positive about the prospect of the rand in 2016.

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