South African

Consumers Urged to Buy Now, Stock Up, Prices Set to Rocket

South African businesses warned consumers yesterday to expect rocketing food prices, higher interest rates and sharp price increases for imported goods because of the plummeting rand. The currency's seemingly unstoppable free-fall since mid-October is already starting to push up prices on a host of basic essentials, and manufacturers and shop owners say there will be more pain to come once the festive season is over. ... Food prices, particularly the staple maize crop, are among the hardest hit. "It's affecting (grain) prices dramatically because of the depreciation of the rand and because of a shortage in the country," said Bully Botma, chairperson of producer group Grain South Africa.