Competition Commission says food prices expected to fall

The Competition Commission of South Africa says that the price of food is expected to fall as the economy recovers from the COVID-19 pandemic. Courtesy of #DStv403

JOHANNESBURG - The chief economist of the Competition Commission of South Africa said that the price of food is expected to fall as the economy recovers from the effects of the COVID-19 pandemic.

There have been ongoing concerns during this pandemic about the cost of food and increases.

READ: Competition Commission sues banks accused of forex rigging

James Hodge, the Competition Commission's chief economist, said the crisis has also been an economic crisis.

"One of the big elements has been the depreciation of the rand. So it dropped by 25-30 percent from February through to April and that affected all products that were imported, especially rice and wheat.

READ: Coronavirus: Another chance to transform the global food trade

"Then domestically panic buying, there was a big surge in demand.

"As the COVID-19 has settled and the global economy has settled some of those are filtering out. And we are seeing now with fresh produce that prices are coming down as things have stabilised."

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Source
eNCA

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