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• During August 2020, the nominal cost of the NAMC’s 28-item urban foodbasket amounted to R946.23 compared to the R957.45 reported during July 2020, resulting in a monthly percentage decrease of 1.2%. When compared to August 2019, an annual (y-o-y) percentage increase of 9.1% was reported.
• Within the NAMC’s 28-item urban food basket, dairy & eggs and vegetables price categories were the highest food inflation contributors (y-o-y) with 17.7% and 15.6%, respectively, with coffee & tea prices reporting deflation of 7.3%, during the same period.
• Rice and oranges were two commodities with the highest annual food inflation which can be attributed to higher global prices for rice due to COVID-19 when compared to last year, and for oranges the increase in prices can be linked to increased exports.
• In September 2020 fuel prices for both 93ULP and 95ULP increased by R0.01/ℓ m-o-m to reach R14.89/ℓ and R15.18/ℓ, respectively representing 0.07% m-o-m. Diesel 500ppm increased by R0.45/ℓ (3.45%) m-o-m to reach
R13.48/ℓ on the 1st of September 2020.
• The Rand has depreciated from R16.75/US$ beginning of September 2020 to R17.11/US$ on the September 28th 2020.
• The weak rand during September has negatively affected fuel price recovery per litre.
• October 2020 expectations: Petrol prices are expected to remain stable for 93ULP while a possible decrease for 95ULP is expected. Diesel prices are expected to decline marginal.
Read more: NAMC Food basket monthly September 2020 - August data
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