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ECONOMY: South Africa (MRB Dec 2001): Price of food rises as Rand falls.
(MRB Dec 2001) While inflation in South Africa has until now been kept at a relatively low level, it is expected that there will soon be sharp rises in the price of basic foods as a result of the precipitous fall in the value of the Rand. The increases relate in the first place to the escalating cost of wheat and maize, which are linked to world prices quoted in dollars. Prices of various foodstuffs, which have already risen in recent weeks, are expected to rise still further in the New Year. These include bread, maize meal, vegetable oil, milk, rice, and oats. The expected rises range from 6% to over 35%. There have also been increases in recent times in the prices of beef, chicken potatoes and pasta. Minister of Social Development Zola Skweyiya denied a food security crisis was looming but the Reserve Bank in its quarterly review notes that "high food prices may contribute to a temporary acceleration of the inflationary momentum of the economy".
The variables in the equation were brought into focus by the collapse of the Rand - blamed by economists on the remaining exchange controls, or on the effect of the major companies moving offshore to London, or on contagion from conflict in the rest of Africa. Over a few days at the beginning of the month the Rand fell around 6% against the Dollar.
In response South Africa's business lobby and associated liberal economists are pressing for the total elimination of exchange controls - but others are blaming the move offshore of major SA companies for the fall and are seeing in the collapse another sign of the failure of the government's Growth, Employment and Redistribution plan, which involves the free movement of capital.
Growth anticipated
Former SA finance minister Chris Liebenberg, now chairman of banking group Nedcor, said this month there was no logical explanation for the level of the rand. In particular he believed it was unconnected to still existing exchange controls which he said affect less than ...
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