Business News: Public Outrage Stems From Extreme Food Price Increase

Thursday, July 22, 2021 at 4:58 PM by Reeshni Chetty

A portion of the general public of South Africa has collectively expressed feelings of frustration towards the immense food price increase
The drastic food price increase was accompanied by increases in multiple other sectors such as housing utilities, transport services and miscellaneous goods
Nicky Weimar, a senior economist at Nedbank, expressed concerns towards a collectively unwanted truth that food price increases could lead to a higher cost of living

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South African consumers were shocked recently as they began to experience the struggle stemming from the exponential food price increase leading many to openly express their displeasure.

Food and non-alcoholic beverages have elevated in price by 6.7% annually, housing utilities have gone up by 2.6%, transport services by an additional 12.3% and miscellaneous goods have increased by 4.1%.

Nedbank senior economist Nicky Weimar expressed concern that elevated food prices would more than likely continue to increase the cost of living in South Africa.

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South Africa, increase, food prices, shocking — South African consumers are beyond irritated and shocked as they face massive price increases. Image: Sharon Seretlo/Gallo Images
Source: Getty Images

Following reports by IOL, FNB economist Koketso Mano expressed that although the level of the disruption resulting from the civil unrest last week was still vague, food inflation should remain increased.

‌Mano continued by emphasising the risks stemming from the disruption to processing and distribution networks due to the civil unrest that could cause increased pressure on non-essential food products.

National Consumer Commission (NCC) communications officer Phetho Ntaba confirmed that a supplier was not permitted to increase the price of essential goods and services on account of only the riots according to The Citizen.

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