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Bloomberg reports that the cost of a traditional South African braai increased moderately in January after a sharp drop the prior month, confirming the SA Reserve Bank’s (SARB’s) forecast that beleaguered consumers may continue to see elevated food prices ease.
Bloomberg’s Shisa Nyama Index shows the average price rise of a backyard braai was 6.2% this month on an annual basis, the same as December but significantly less than the 10% recorded in November. That compared with 8.5% year-on-year increase in food prices in December, as measured by Statistics SA. SARB forecasts food inflation to average 5.7% this year. The gauge, crunching data from the Pietermaritzburg Economic Justice and Dignity group, tracks the prices of 14 key ingredients in braais consumed in South African townships. Onions, cooking oil and samp were the biggest contributors to the index remaining steady as they eased. Sticky food prices have been a key driver of overall inflation and have contributed to the central bank’s monetary policy committee retaining interest rates at a 2009 high of 8.25% since July.
- Read the full original of the report in the above regard by Ntando Thukwana at Moneyweb
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