Food prices stabilising after lockdown spike - Competition Commission
27 days ago
JOHANNESBURG – The Competition Commission said that food prices were beginning to stabilise after months of inflation due to a weak economy during the hard lockdown.
The commission has released a report showing the rand depreciation and panic buying were partial drivers of price increases in food markets at the beginning of the pandemic.
Retailers had to pay higher prices to stock up on food items as demand shot up.
The commission’s spokesperson Siyabulela Makunga said: “We're observing a stabilisation of the prices which also suggest that with the rand becoming stronger and less justification of the higher cost input from the suppliers to the retailers; now the prices are expected to come down in the next few months.”
This article first appeared on EWN : Food prices stabilising after lockdown spike - Competition Commission