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• During May 2020, the nominal cost of the NAMC’s 28-item urban food basket amounted to R960.07 compared to the R937.22 reported during April 2020, resulting in a monthly percentage increase of 2.4%. When compared to May 2019, an annual (y-o-y) percentage increase of 9.8% was reported.
o Within the NAMC’s 28-item urban food basket, bread & cereals and dairy & eggs price categories were the highest food inflation contributors (y-o-y) with 20.9% and 15.7%, respectively, with coffee & tea prices reporting deflation of 1.3% during the same period.
• In July 2020 fuel prices increased by R1.63/ℓ for 93ULP to reach R14.83/ℓ (12.35%) m-o-m and increased by R1.72 for 95ULP to reach R15.12/ℓ (12.84%) m-o-m. Diesel 500ppm increased by R1.73/ℓ (15.31%) m-o-m to reach R13.03/ℓ on July 1st 2020.
o The Rand has appreciated from R17.32/US$ on June 24th 2020 to R16.61/US$ on July 15th 2020,
o The main reason for the increase in fuel prices are mainly due to higher average international product prices as well as higher Brent Crude oil prices.
o August 2020 expectation: Petrol prices are expected to increase by 33c/ℓ, while diesel prices are expected to incline by 71c/ℓ. The demand for oil has been increasing and per-barrel prices stabilised.
Read more: NAMC food Basket Price Monthly
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