Food prices are expected to drop in 2023. Image: Pixabay
WATCH: Food prices expect to drop in SA [VIDEO]
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Food prices are expected to drop in 2023. Image: Pixabay
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South Africans can breathe a sigh of relief as experts predict that food prices are set to drop this year. Consumers have been facing a tough economic climate, with inflation, interest rate hikes, and load shedding all taking their toll. According to Stats SA, Consumer Price Inflation ticked upwards to 7.1% in March from 7.0% in February, despite many experts predicting a decline.
The 14.0% year-on-year increase for food prices and non-alcoholic beverages was one of the biggest contributors to the overall inflation rate, contributing 2.4 percentage points to the total. The increase was the largest annual increase since March 2009 (14.7%).
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NEWS IN A MINUTE ON: FOOD PRICES EXPECTED TO DROP IN 2023
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