The cost of a basket of goods in Bloomberg’s South African Shisa Nyama Index, designed to show the price of a traditional backyard barbecue in townships and rural areas accelerated to 15% in June from a year earlier.
The acceleration reverses a three-month slowdown in price gains and is a blow for South Africans struggling with incessant power outages and a moribund economy.
“It’s getting worse but then we’re just holding on,” said Nyakale, who runs two shisa nyama restaurants including Meat Meet in Soweto, as the smell of grilled meat wafted outside. To compile its survey, the PMBEJD’s data collectors track food prices on the shelves of 47 supermarkets and 32 butcheries that target the low-income market in the greater areas of Johannesburg, Durban, Cape Town, Pietermaritzburg, Springbok in the far northwest and the far northeastern town of Mtubatuba.
Still, the measure has been above the South African Reserve Bank’s target range since May last year and that will prompt rate setters to keep monetary policy tight for longer, according to Governor Kganyago.
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