Meat prices have been a key factor driving up food price inflation in South Africa.
Meat prices in South Africa have been driving food inflation in 2022, with a mix of local and international factors playing a role.
“Global prices seem to have peaked, but domestic prices continue to rise as continued depreciation in the exchange rate has more than offset international declines in recent months.” Within that, the various meat types have diverged – as lamb and mutton prices have been declining steadily since November 2021. In contrast, pork prices rose in September 2022 after bottoming out in January 2022.
Locally, these international price movements have spilt over into the South African market but have been further amplified by ad valorem tariffs ranging from 0% to 82% on the foods. “Domestically, high feed costs have also constrained profit margins, despite higher prices,” the BFAP said.
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