Chicken prices do need to increase

The country’s shoppers need to brace themselves for longer pauses at retail store freezers. Chicken prices are expected to keep rising as poultry producers struggle with profit-restraining input costs.

According to a fact sheet provided by RCL, it has seen a 13.6% rise in Safex Yellow Maize prices from an average price of R3 852 per ton in 2022 to an average of R4 377 per ton this year. Additionally, the global price of CME Soya rose 12.8% to $449 per ton, while Safex wheat prices increased by 7.2% over the last year to an average price of R6 846 a ton.

Rainbow which includes the grain-based animal feed operations, marked a 74.5% decline in Ebitda to R86 million, compared with R342.9 million in 2022. Pleasingly, according to the ownes of Sunbake bread, Selati Sugar, Ouma and Yum Yum brands, consumers could start seeing price relief in the grocery and baking categories, as commodity prices are expected to ease later in FY2024, in comparison with the very high peaks that were largely induced by Russia’s invasion of Ukraine, which disrupted global markets and supply chains.

“I’m not sure how it’s going to flow through to the consumer and when because of the timing of this issue… but what I can say is that I think what the consumer is going to see is a much slower inflation going forward over the next 12 months to what they’ve seen in the past 12 months,” he added.

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