South African farms produce largest wheat harvest in many years
South Africa’s inflation rate rose to 3.3% in October (from 3% in September), a seven-month high.
The increase was mainly driven by food and non-alcoholic beverages.
Lester Kiewit asked agricultural economist Dr Kobus Laubscher what he expects for food prices in the coming months.
Laubscher does not expect food prices to increase rapidly over the short- to medium term, mainly due to excellent agricultural production.
Farmers are price takers… they can’t pass higher costs on…Dr Kobus Laubscher, agricultural economist - Agility Agriculture
Wheat… the coming harvest will be the biggest one in many years… Summer crop projections look excellent! … There is no pressure on supplies…Dr Kobus Laubscher, agricultural economist - Agility Agriculture
Consumers will stretch their rands… a major part of our population will suffer higher inflation than the official rate… in excess of 10%...Dr Kobus Laubscher, agricultural economist - Agility Agriculture
You can outperform any price increase through clever buying… Maybe after Christmas, you have more money in your pocket than a year ago.Dr Kobus Laubscher, agricultural economist - Agility Agriculture
Don’t blame the farmers [for high food prices] …Dr Kobus Laubscher, agricultural economist - Agility Agriculture
For more detail, listen to the interview in the audio below.
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