The latest Household Affordability Index by the Pietermaritzburg Economic Justice & Dignity group shows that food prices in South Africa continued to shoot up at the start of the year.
The year-on-year increase outstrips headline inflation by quite a considerable margin, though it came in lower than food inflation. Headline inflation was recorded at 7.2% in December 2022, down marginally from 7.4% in November 2022. According to Stats SA, food inflation is being driven by bread and cereal products, with the annual rate reaching 20.6% in December. This is markedly higher than the low of 1.5% recorded in January 2022. In fact, December’s reading is the highest since February 2009 .
Meat inflation slowed to 9.7% in December from 10.5% in November. Oils and fats inflation cooled for the fourth consecutive month, declining to 22.4% in December.
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