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October's 3.3% inflation high: Meat prices won't drop in time for festive feasts

25 November 2020 6:58 PM
Tags:
The Money Show
FNB
Inflation
Festive Season
Bruce Whitfield
Christmas
Food inflation
CPI
Meat prices
Consumer Price Index
consumer inflation
Paul Makube

Those Christmas braais and roasts are going to cost you. Bruce Whitfield interviews agricultural economist Paul Makube (FNB).

Inflation rose to a 7-month high in October.

Stats SA's data shows that Consumer Price Inflation (CPI) went up to 3.3%, compared to 3% in September.

The increase was driven in the main by rising food prices.

The prices of food and nonalcoholic beverages increased by 5.4% year on year.

With Christmas around the corner, the current trend in meat prices signals prospects of expensive festive braais writes Paul Makube in bizcommunity.com.

© nomadsoul1/123rf.com

Bruce Whitfield interviews Makube, who's a senior agricultural economist at First National Bank (FNB).

He says the pickup in both grain and meat prices has been building for some time.

In the grains we are dependent on what happens in the world market, but also the rand/dollar exchange rate.

Paul Makube, Senior agricultural economist - FNB

There is an upward pressure on meat prices, particularly beef. We're likely to see the trend continuing until the end of the year.

Paul Makube, Senior agricultural economist - FNB

He says demand has been strong despite the national lockdown.

Farmers have benefited from beneficial production conditions with good rains providing grass cover for their herds.

Whitfield also gets the restaurant industry's perspective from chef David Higgs (Marble Restaurant, Johannesburg).

Our biggest challenge is yet to come. I think next year's going to be really tough.

David Higgs, Co-founder and chef - Marble Restaurant

They're talking about shortages of beef... and South Africans love their red meat.

David Higgs, Co-founder and chef - Marble Restaurant

We're trying to keep our costs low to get people into the restaurant but also we need our margins.

David Higgs, Co-founder and chef - Marble Restaurant

Listen to the conversation on The Money Show:




25 November 2020 6:58 PM
Tags:
The Money Show
FNB
Inflation
Festive Season
Bruce Whitfield
Christmas
Food inflation
CPI
Meat prices
Consumer Price Index
consumer inflation
Paul Makube

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