Hopes that 2008 will bring a respite from soaring international food and energy prices have been dashed in the past few weeks. The oil price refuses to retreat markedly from its US$100 level and international market prices for wheat, maize and dozens of other commodities continue to surge. On Monday alone the price of wheat futures rose by 22%.
The consequences for SA consumers are severe. Bread prices look set to increase by at least 50% over the next few months while motorists will pay around R8,50 a litre - an increase of about R1/litre - when the fuel price changes next month.
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