Hash browns, eggs and bacon are off the table for breakfast at the moment as these are among the food prices that have soared the most over the last month.
Potato prices surged the most of all the foodstuffs monitored, increasing by a whopping 21,2% between September and October 2023.
It comes as Statistics South Africa confirmed consumer inflation accelerated to 5,9% in October, up from 5,4% in September.
Consumer prices increased on average by 0,9% between September and October, the highest monthly rise in three months.
The following categories recorded annual inflation rates above 6,0% in October:
- Food and non-alcoholic beverages (8,7%);
- Transport (7,4%);
- Health (6,4%); and
- Restaurants and hotels (6,3%).
Food inflation – the good, the bad and the ugly
While bread and cereals prices slowed to 8,8% from 9,2% in September, and maize meal prices declined by 1,3%, another staple, rice, was 20,8% more expensive than it was a year ago.
The average price of a kilogram of rice increased from R22,48 to R28,59 over this period.
Just in time for the summer braai season, meat inflation continued to slow. The annual rate for meat moderated to 3,4% in October from 3,8% in September. Meat inflation has been on a general downward trajectory since the recent peak of 11,4% in February.
Milk, eggs & cheese inflation quickened to 12,4% from 11,2% in September.
Egg prices rose sharply in October, with the price index increasing by 13,4% from September. This pushed the annual rate to 24,4%.
Prices for poultry-related products, including eggs, have come under increased pressure due to the outbreak of avian flu. The culling of millions of chickens resulted in market shortages and panic buying from anxious consumers.
Western Cape consumers felt the most pain, with a tray of six eggs rising by R6,42 from an average price of R17,71 in October 2022 to R24,13 in October 2023.
October Consumer Price Index (CPI) shows that egg prices rose sharply in October, with the price index increasing by 13,4% from September. This pushed the annual rate to 24,4%. Join #StatsSA on @Smile904FM at 15h00 today for more.
More here: https://t.co/zpKLYxWFZr pic.twitter.com/vgdYeIOndU— Stats SA (@StatsSA) November 22, 2023
Gauteng consumers had to fork out an additional R4,81 over the same period. At an average price of R24,32, a tray of six eggs was the most expensive in Gauteng during October.
Of the seven provinces surveyed, Free State bucked the trend. Breakfast in that province became slightly cheaper, with the average price for a tray of six eggs declining from R19,33 in October 2022 to R18,38 in October 2023.
Shell-shocked over egg prices? Eggs are the most expensive in Gauteng and Western Cape.
Read more on the latest #CPI results here: https://t.co/zpKLYxWFZr
#Eggflation #CPI #StatsSA pic.twitter.com/6VSbkBxlTQ— Stats SA (@StatsSA) November 22, 2023
Painful potato prices
Potatoes recorded a price increase of 21,2% between September and October. This took the annual rate for the vegetable to 64,6%.
The average price for potatoes increased by R8,89 from R13,93 per kilogram in October 2022 to R22,82 per kilogram in October 2023.
While potatoes recorded the largest monthly increase, sweet potatoes were up 16,4%, tomatoes by 15,2% and pumpkin by 11,1%.
The annual rate for fruit was 8,5%. Banana prices increased by 33,0% in the 12 months to October. The average price of bananas in October 2023 was R21,20 per kilogram, up from R14,92 in October 2022.
The graphs below show the products that recorded the largest price increases in October:
In March this year, inflation for food & non-alcoholic beverages came in 14% more expensive than March 2022.
It was the largest annual increase in food prices since the 14,7% rise in March 2009 (14 years ago).
ALSO READ: Food inflation: Here’s how much more you’re paying
