For the month of March 2024, the cost of the National Agricultural Marketing Council’s (NAMC) 28-item urban food basket was R1,269.62, a slight increase in comparison to the R1,257.23 that was reported in February 2024.
This is a R12.39 or a 1% monthly increase in cost from February 2024 to March 2024.
Year-on-year, the cost of the food basket increased from R1,169.49 in March 2023 to R1,269.62 in March 2024. This is a R100.13 or 8.6% increase year-on-year.
Between February 2024 and March 2024, there are 18 foods that increased in cost, including:
– baked beans, tinned (410g): The price of tinned baked beans increased from R16.04 in February 2024 to R16.05 in March 2024, 0.1% increase.
– beans, dried (500g): The price of dried beans increased from R31.20 in February 2024 to R31.51 in March 2024, a 1% hike.
– peanut butter (400g): The cost of peanut butter increased from R44.91 in February 2024 to R46.51 in March 2024, a 2.8% increase.
– Ceylon/black tea (250g): The price of Ceylon/black tea increased from R53.65 in February 2024 to R54.59 in March 2024, a 1.8% hike.
– instant coffee (250g): The price of instant coffee increased from R58.63 in February 2024 to R60.34 in March 2024, a 2.9% hike.
– cheddar cheese (per kg): The price of cheddar cheese increased from R141.74 in February 2024 to R147.06 in March 2024, a 3.8% increase.
– bananas (per kg): The cost of bananas increased from R18.2 in February 2024 to R18.30 in March 2024, a 1.6% increase.
– oranges (per kg): The price of oranges increased from R36.87 in February 2024 to R38.77 in March 2024, a 5.2% hike.
– fish (excl tuna), tinned (400g): The cost of fish increased from R26.46 in February 2024 to R26.40 in March 2024, a 0.5% increase.
– IQF chicken portions (2kg): The price of chicken portions increased from R93.77 in February 2024 to R93.83, a 0.1% hike.
– polony (1kg): The price of polony increased from R54.63 in February 2024 to R55.45 in March 2024, a 1.% increase.
– loaf of brown bread (700g): The price of a loaf of brown bread increased from R17.06 in February 2024 to R17.19 in March 2024, a 0.8% hike.
– rice (2kg): The cost of rice increased from R45.26 in February 2024 to R46.17 in March 2024, a 2% increase.
– cabbage (each): The price of cabbage increased from R19.69 in February 2024 to R20.75 in March 2024, a 5.4% increased.
– onions (per kg): The price of onions increased from R19.78 in February 2024 to R20.77 in March 2024, a 5% hike.
– potatoes (per kg): The price of potatoes increased from R21.68 in February 2024 to R22.02 in March 2024, a 1.6% increase.
– tomatoes (per kg): The price of tomatoes increased from R in 27.98 February 2024 to R29.47 in March 2024, a 5.3% hike.
– white sugar (2.5kg): The price of white sugar increased from R62.22 in February 2024 to R62.88 in March 2024, a 1.1% hike.
According to NAMC, from a year-on-year perspective, the food group that had the biggest jump in food inflation was coffee and tea which experienced a substantial increase of 26.9%.
This was followed by fruits which increased by 23.3% and then sugary foods that had a 22.1% hike. Bean products increased by 14.5%, dairy and eggs by 11.7%, bread and cereals by 5.5% and finally vegetables by 3.6%.
From March 2024 to March 2023, the cost of 13 foods items was more than the inflation target set by the South African Reserve Bank (SARB) of 6%.
These food items are oranges, Ceylon/black tea, potatoes, rice, eggs, instant coffee, white sugar, peanut butter, apples, dried beans, polony, baked beans and cheddar cheese.
IOL Business