South African households have had to brave rising food prices due to inflation.
Refilwe Moloto spoke to the chief economist at the Competition Commission James Hodge to get a better understanding of severity of this reality.
According to Hodge, there was no consistency in the increase and decrease of food prices in relation to inflation and deflation. The problem, at the moment, and it’s a problem identified globally is that because there have been many shocks, we all expect prices to go up but we don’t know what they should be going up by… because it’s not transparent, there is an opportunity for producers and retailers to push them up much higher than they should.He added that when there’s deflation and the shocks subside prices should come down “but consumers, they are used to the higher prices”.
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