The rate of acceleration of South Africa's up-swinging cost of living in seems to be slowing down; a phenomenon which might not be reflected in official government data, according to a recent report in the Western media.
In May, the cost of a basket of goods tracked by the Shisa Nyama ("Grilled Meat") Index, a gauge used to assess the cost of a traditional backyard barbecue in the Southern African nation's townships and rural areas, increased by 12% year-on-year (YoY), a substantial decline from 19% in February.
This is the third consecutive monthly easing since February, in spite of the acute inflation observed across other industries. The data offers some relief to consumers who are grappling with various challenges, such as high fuel costs, high levels of unemployment, daily electricity blackouts, and an economic slowdown.
Consumer prices went up by 6.8% YoY in April, a slight drop from the 7.1% in March, with food prices rising by 14.3%, according to the national statistics agency of South Africa (Stats SA).
While official data for May is scheduled to be released later in June, the Shisa Nyama Index aims to provide a more updated and comprehensive perspective on the real cost of food staples, including cornmeal, tomatoes, carrots, onions, salt, beef, curry powder, frozen chicken portions, and wors – a type of sausage made from various ground meat offcuts.
According to the Pietermaritzburg Economic Justice and Dignity organization (PMBEJD), which compiles the index by checking food prices on the shelves of 44 supermarkets and 30 butcheries catering to the low-cost market in different parts of the country, the cost of certain items in the index, such as green peppers, cooking oil and samp, a dish similar to grits, fell in May compared to April.
However, despite this slight slowdown in food inflation, it is uncertain whether this downward trend will continue given the ongoing energy crisis, which has affected food production costs.