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WC drought to put pressure on provincial food prices - economist

The South African Reserve Bank says it expects food prices to continue to moderate, given the favourable agricultural outlook.

Picture: Freeimages.com

CAPE TOWN - Western Cape residents can expect to pay more for food compared to the rest of the country.

That's according to some experts' views on the province's economic outlook.

The South African Reserve Bank says it expects food prices to continue to moderate, given the favourable agricultural outlook.

Agricultural economist Paul Makhube says the drought still plaguing the Western Cape will put pressure on the province's food prices.

“While we expect further deceleration in inflation for the country, you’ll have a situation where prices will remain high for the Western Cape, given the shortage of supply.”

Meanwhile, economic analyst Jason Muscat says the drop in business confidence has led to companies withholding billions in investment spending.

“I think policy certainty will go a long way to increasing business confidence. On average, there’s around R700 billion worth of private sector capital that can be deployed should confidence turn a corner.”

Muscat says the Western Cape economy is still expected to outperform the national growth rate.

(Edited by Shimoney Regter)

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