South Africa faces a critical few weeks, with previously optimistic views over food prices under threat.
Dry conditions in South Africa are threatening the nation’s summer crops, potentially dampening the expectations of moderating food prices.
Although economists were concerned about a drought’s potential impact on already sky-high food prices, South Africa has received widespread rainfall, which has supported the planting conditions for summer crops. Allan Gray’s Thalia Petousis said that the upside risks to food inflation in 2024 are less raised than in 2022 and 2023 due to high base prices and the country so far being unscathed by the El Nino weather cycle.
Although production conditions have been excellent, Sihlobo noted that there is still a need for moisture to improve the crop’s yield potential.
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