'The major risks to consumer food inflation in South Africa in 2024 will primarily be white maize products,' Wandile Sihlobo.
Dryer and hotter-than-usual weather across South Africa’s main summer crop growing regions is hurting the outlook for the key corn harvest and raising risks for higher food-price inflation, according to a farm-industry group.
The South African central bank is closely watching food prices as it assesses if it can safely start lowering interest rates later this year. It has repeatedly flagged the risk that El Niño-induced weather patterns may have on inflation. Corn is among South Africa’s main crop and a staple for millions. The country consumes most of the corn it produces and exports surpluses mainly to neighbouring countries.In its most recent forecast released at the end of February, the Crop Estimates Committee saw harvests for white and yellow corn falling 17.2% and 7.7% respectively in the 2023-24 season. Overall corn production is estimated to come in at 14.3 million tons.
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