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The Mercury reports that economists have warned that consumers should brace themselves for higher food prices after the Department of Mineral Resources and Energy announced the highest hike in petrol and diesel prices since 2022.
On Wednesday, both grades of petrol increased by R1.71 a litre, while diesel (0.05% sulphur) increased by R2.84 a litre and diesel (0.005% sulphur) by R2.67 a litre. Economist Dawie Roodt commented: “The problem for the consumer is that food prices have been coming down at a slow rate and unfortunately with this massive increase in the fuel price, we can expert food prices to start going up.” Professor Irrshad Kaseeram of the University of Zululand pointed out that since July there had been a consistent rise in the fuel price which had been passed on to food prices, and last month’s food inflation was at 9.9%. “This time round, the price rises are massive, hence we can expect further rounds of rises in food prices as the cost of the road haulage industry has risen sharply this month.” Dr Sanele Gumede of the University of KwaZulu-Natal said higher food prices were inevitable and that the poor would be affected the most. “Unfortunately the poor spend 80% of their money on food and now with the latest massive increase in petrol and diesel, they will have even less money in their pocket. The poor have also been faced with a taxi fare increase.” According to Professor Bonke Dumisa, an independent economic analyst, the increase in fuel prices will have a massive impact on food prices.
- Read the full original of the report in the above regard by Yogashen Pillay at The Mercury
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