South Africa’s Competition Commission said it’s investigating the price of a range of essential-food products, after consumers were subjected to “unjustified increases” over the past two years.
(Bloomberg) — South Africa’s Competition Commission said it’s investigating the price of a range of essential-food products, after consumers were subjected to “unjustified increases” over the past two years.
A probe is being conducted on the cost of goods including bread, cooking oils, corn meal, rice, flour and margarine, the body said in a statement on Tuesday. Food prices rose 13.6% year-on-year last month, the highest level since April 2009, according to Statistics South Africa.
“The food sector remains a priority for the commission as poor consumers spend a significant portion of their income on essential food items,” it said. “As food inflation remains elevated and load-shedding continues to affect business operations, food price monitoring will remain a priority for the commission given its importance to the welfare of South Africans.”
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