South African consumers are catching a big break, with food price inflation finally easing to sustainable levels – and high-cost items like meat showing some much-needed drops in pricing.
According to the latest food inflation analysis from the Bureau for Food and Agricultural Policy , meat prices are up slightly globally, but in South Africa, there’s a more positive trend, especially with chicken prices, which saw a significant surge at the end of 2023 and early 2024.
In the South African meat market, beef carcass prices increased slightly by 0.6% MoM and by 5.1% YoY. Despite cattle slaughters in May 2024 dropping by 8% compared to May 2023, year-to-date cattle slaughters show an improvement from 2023, with an 8% increase. “As production normalizes, IQF prices dropped by 14.0% YoY, from R33.68/kg in June 2023 to R28.97/kg in June 2024. This reflects stronger production, as well as weak consumer spending power and a marginally stronger rand, which reduces the cost of imported products,” the group said.
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