Wheat, Maize Meal and Other Food Prices Set to Skyrocket, Say Weetbix and Sasko Manufacturers

• Statistics South Africa has confirmed and detailed the increases in prices of food amid Russia's invasion of Ukraine
• Pioneer Foods manufacturers said there isn’t much it can do to prevent the increased prices of its products
• Other food categories that have been affected include oil, white bread, fish, pasta and non-alcoholic beverages

The prices of some of South Africa’s most-loved staple foods, such as wheat and maize products, are set to soar.

This is according to Statistics South Africa, which published its latest consumer price index, revealing that although the annual headline inflation held steady at 5.7% in February 2022, the rising food and transport prices have continued to put upward pressure on the monthly rate.

While some food producers around the continent are seeking cheaper alternatives to wheat and maize amid Russia's invasion of Ukraine, the producer of White Star maize meal and Sasko bread, Pioneer Foods says it is unable to remove or substitute the grains in its products to keep prices down, Business Insider reports.

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Russia and Ukraine control more than a quarter of the world's wheat exports. The Russian invasion of Ukraine has affected other food commodities too, through mechanisms that include higher oil prices which increased by +22.7% from last year.

Maize meal, white bread, and fish all registered large price increases too. Annual food and non-alcoholic beverages inflation continued to rise in February, with the rate increasing to 6.4% from 5.7% in January and 5.5% in December, Business Tech reports.

The publication also shared that in rand terms, a loaf of white bread was on average 69 cents more expensive in February than in January, up to R16.16 from R15.47.

“The other food category that recorded a sharp rise was fish, increasing by 2.3% between January and February. Within this category, tinned fish (excluding tuna) and frozen fish fingers recorded the largest monthly increases,” Stats SA said.

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Country braces for cost of living increase as inflation rate climbs

Meanwhile, Briefly News previously reported that South Africans are urged to tighten their belts as economists warn that the cost of living could increase soon.

Economist Isaac Matshego warns that the inflation rates are expected to increase from 5.7% to 5.9%. He attributes the increase to the rising fuel prices due to the Ukraine invasion by Russia.

The SABC reported that Statistics South Africa will announce higher inflation rates and an increase in oil, fuel, and food prices.

Source: Briefly News