South Africa's consumer food price inflation hits a 17-month low, driven by ample supply and moderating prices across key categories.

South Africa's consumer food price inflation continues to slow. The figures released by Statistics South Africa on 17 June 2026 show that the consumer food price inflation slowed to 1.6% in May 2026, down from 2.8% in March. This is the lowest level in 17 months.

There was a broad deceleration across the various food products. At the core of moderating consumer food price inflation are lower prices for grains and oilseeds, fruit and vegetables, driven by ample domestic and global supplies.

We continue to believe that meat poses minimal risks to inflation, and meat price inflation has slowed in recent months. Base effects on meat prices, along with continued cattle slaughter, have helped ease price inflation. Poultry production conditions are also favourable.

On cereal product price inflation, we are in yet another year of better grain production. South Africa's summer grains and oilseeds production is forecast at a record 21.1 million tonnes, up 2% from the 2024-25 season. This figure comprises maize, sunflower seed, soybean, groundnuts, sorghum and dry beans.

This ample harvest adds to already large stocks from the past season, keeping grain prices under pressure.

Global grain prices are also under pressure from large harvests, adding to...