For September, the group’s basket of nutritional foods came to s R4,805. Month-on-month, the average cost of the basket increased by R30.28 , from R4,775 in August 2022, while year-on-year, the basket increased by R586.39 , from R4,219 in September 2021.
The PMBEJD said that rising food prices are concerning given the fuel and global food price trends, raising questions about whether or not retailers and the supply chain are fleecing consumers. The group said that the Reserve Bank’s rate hikes – including the latest 75bps move – have been done with the argument that it would bring down food inflation. However, if retailers and the supply chain for food are withholding savings from consumers, this will not have the intended effect.
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