Source: Paul Makube, Bizcommunity, 23 September 2021, photo credit: Free Wallpapers
After showing signs of moderation for the second half of 2021 with the July 2021 food price inflation steadying at 7% year-on-year, the August print came in on the upside by 0.4% month-on-month and 7.4% year-on-year.
The overall consumer price inflation drifted further away from the midpoint of the South African Reserve Bank’s target range of 3%-6%, accelerating by 4.9% year-on-year and edging 0.4% higher month-on-month in August 2021 underpinned by gains in food and non-alcoholic beverages (FNAB) (+6.9% year-on-year), housing and utilities (+3.8% year-on-year), transport (+9.9% year-on-year), and miscellaneous goods and services (+4.2% year-on-year).
The food and non-alcoholic beverages (FNAB) sub-component had the biggest contribution of 1.2 percentage points to the CPI but steadied for the third consecutive month as the monthly increase came in 0.2% m/m. However, FNAB jumped to a 51-month high of 6.9% with food alone reaching the highest level of 7.4% year-on-year in 54 months.
The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.