Since our previous inflation brief in November 2021, the identification of the Omicron variant, combined with excessive rainfall in the summer rainfall areas, has presented the possibility of further supply disruptions that could affect global and local inflation.
Food inflation figures for December 2021 came in at 5.9%, whilst food and non-alcoholic beverages were slightly more modest at 5.5%. This follows a steady increase from 5.4% in January 2021 to a peak of 6.9% in August 2021. The main contributors to the persistent food inflation remains oils and fats (20.8%), meat (8.6%) and dairy and eggs (5.3%).
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