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By SIFISO NHLABATSI | 2023-07-19
It appears there is no end in sight on food price hikes, as in just one month, food inflation which remained in double-digit, increased to 15.7 per cent in May 2023 compared to 14.7 per cent in the previous month.
Driving food inflation were increases in the prices of bread and cereals, fruit and coffee, tea and cocoa.
According to statistics shared by the Central Bank of Eswatini Senior Economist Modelling and Forecasting Zana Mabuza in the Recent Economic Developments report for the month of May and June, the country’s annual consumer inflation increased to six per cent in May 2023, from a revised 5.7 per cent observed in April 2023.
Food inflation has been a pressing issue in the country as consumers have been calling for the Eswatini Competition Commission to investigate if the food prices hike were justified.
Protect
On Thursday when the Commission met with FSRA to sign an MoU to protect consumers at Happy Valley hotel there were some members of the public who raised this concern.
The secondary sector according to the report remained suppressed, declining by a steeper 10.1 per cent in the first quarter of 2023, from a revised contraction of 0.4 per cent in the previous quarter.
The indicators showed that the persistent poor performance of the sector partially emanated from the manufacturing subsector, which contracted by 12.1 per cent, year-on-year in the first quarter of 2023, from a revised decline of 1.4 per cent in the last quarter of 2022.
“Slower growth was noted in the manufacture of beverages, manufacture of textiles and processing and preserving of fruits and vegetables subsectors, all of which are export oriented.
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