Food prices are stabilising, says Competition Commission

The Competition Commission says food prices are stabilising compared to the early days of lockdown. The commission received numerous complaints of price increases for essential food. To discuss this, we are joined on Skype by Deputy Commissioner, Hardin Ratshisusu. Courtesy #DStv403

JOHANNESBURG - The Competition Commission says food prices are stabilising compared to the early days of lockdown.

The commission received numerous complaints of price increases for essential food.

READ: Cost of household food basket rising

Deputy Commissioner Hardin Ratshisusu said they picked up a trend of price increases, particularly on basic foodstuffs.

"We found that early on, around March/April, prices of basic foodstuffs increased. Vegetables, basic spices, garlic, as well as, other essentials.

READ: Competition Commission says food prices expected to fall

"We then thought it's best to analyse the trends and see what is actually happening out there."

Ratshisusu said panic buying and predatory practices by businesses trying to profit from the pandemic prompted the initial hike, but stated prices have now begun to stabilise.

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Source
eNCA