Dec 13, 2011
Food prices, which increased by just 1 per cent last year, have increased by a whopping 10.6 per cent so far this year. Lower-income South Africans, who spend much more of their total earnings on food, are the biggest victims of this sharp increase in food-price inflation. According to the South African quarterly 'Food Price Monitor' report, produced by the National Agricultural Marketing Council, the cost of the standard Statistics South Africa food basket, expressed as a share of the average monthly income of the wealthiest 30 per cent of the population, is only 2.9 per cent. By contrast, this cost for the poorest 30 per cent of the population was a heavy 36.4 per cent in October.
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