Business: Solidarity's Latest Food Price Index Shows Sharp Increase
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The trade union Solidarity’s monthly food price comparison which has been done among the three largest super market groups in South Africa since the start of the year, this week indicated that food prices increased by an average of 5,5% during the past four months. The price differences of Solidarity food basket furthermore drastically decreased to less than R2,50 between the shopping groups.
“Pick ŉ Pay’s prices in the basket rose by 8,1% during the past four months while Spar and Checkers’ food prices increased by 3,1% and 5,1%. These increases place the three super market groups which are monitored by Solidarity almost on equal footing, says Jaco Kleynhans, spokesperson of Solidarity.
Pick ŉ Pay’s financial results have meanwhile been released and indicate that this super market’s profit on continued activities has increased to almost 21% after tax, despite the denial by Mr. Kevin Korb, Pick ŉ Pay’s Director for food purchases in February this year that this super market group will be very profitable this year.
Today, on the eve of tough wage negotiations, Solidarity once again appealed to super markets to alleviate the burden of the worldwide economic crisis on everyone by lowering their food prices.
Business News Sector Tags: Business|