Economists are optimistic about price pressure in South Africa for the rest of the year - despite load shedding and global issues still keeping producers on their toes.
Financially-stretched South African consumers are likely to see some relief in the coming months, with food inflation expected to ease by the end of the year.
According to the Bureau of Economic Research , South African food prices are likely to drop even further this year. “Further good news was that monthly inflation for intermediate PPI goods declined by a solid 1.3% after rising by 2% in May – signalling muted price pressures at the start of the supply chain.”The Nedbank Group Economic Unit said that it expects the drop in PPI to continue in July but noted that the base effects should start to taper off and prices should start ticking up by the end of the year – ending the year at 5.5%.
Moreover, it said that Russia ending the Ukraine export grain deal and the El Nino weather pattern may also pose an upside risk to fresh produce prices., the Chief Economist of the Agricultural Business Chamber of South Africa, said that these factors should not lead to any immediate concerns over South African food prices.
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