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25 October 2014

Food prices may go up



Food prices may go up

On 4 April, fuel went up by 71 cents. Food prices and other necessities are likely to go up soon. The poor will be mostly affected by the price hikes


Food prices may go up

A leading local economist on Sunday warned of an imminent second round of price hikes to hit consumers hard in the coming weeks.
Fuel and electricity prices recently went up, which usually has a knock effect on other items. On 4 April, fuel went up by 71 cents.
Food prices and other necessities are likely to go up soon. Chief economist at the Efficient Group, Dawie Roodt said by no later than July, consumers will be forking out more cash for food. “The products that need to be transported like fruit products are likely to start increasing pretty soon after April.” Roodt added it should not take supermarkets too long before they begin hiking prices.
“People will start feeling the pinch soon.” In December, chicken, red meat and vegetables prices went up before Christmas.
Statistics SA reported that food inflation was at 10.7 percent and would hit 14 percent by mid-2012 before declining. Earlier in 2012, the unemployment rate stood at 23.9 percent. The poor will be mostly affected by the price hikes

COURTESY: EYE WITNESS NEWS

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