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Economy
Saturday, November 1, 2008
A lean, mean year

In September last year Alphen Asset Managment had a look at food price inflation, as measured by the National Agricultural Marketing Council (NAMC) for the year ended June 2007 and saw that the national average food prices (retail levels in metropolitan levels) had increased on average by 13.67% between July 2006 and July 2007. “At the time, this rate year seemed like a frightening figure,” comments Mark Cliff.
“ However, the NAMC has recently advised us that the year-on-year (July 2007 to July 2008) increase in the Consumer Price Index for Food (CPI-Food) as reported by Stats SA was no less than 17.8%. Eish.”
Overall CPI for the period was 13.4%, and thus it is clear that food inflation over the past year has been one of the major drivers of overall inflation in South Africa.
The table below is relatively unremarkable in demonstrating that there were very few components which did not show significant increases in price.

Copyright © Insurance Times and Investments® Vol:21.10 1st November, 2008
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