Big petrol price drop coming this week – but South Africans are still under pressure

Motorists can breathe a sigh of relief this week with petrol and diesel prices seeing a substantial drop in the price from Wednesday, 4 January. However, households will remain under pressure due to high food costs, analysts warn.

According to the latest food inflation brief from the Bureau for Food and Agricultural Policy food prices in South Africa remain at elevated levels, and consumers should expect higher prices going into 2023. “Food prices remain at distressing levels for the average consumer, and the prices, especially of staple foods, continue to rise, regardless of decreases in inflation, petrol or diesel prices – with authorities either unable or unwilling to elucidate this continuing trend.”

“Yet, previous drops in fuel prices during 2022 did not see a subsequent drop in food prices. In fact, food price inflation went in the opposite direction,” Roets said.

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