Agriculture is one of the sectors of the economy that consistently brings pockets of good news. One such piece of good news recently is on tractor sales, which have remained robust for some time. For example, since April 2020, SA’s monthly tractor sales have remained positive, registering an average of 26% year-on-year (y/y) growth over the past 31 months.
South Africans have to brace for a winter of discontent with economists predicting a 15 to 20% increase in the cost of food in coming months, leaving low-income earners facing further struggles and those in the middle-income bracket borrowing more.
The Competition Commission is monitoring the spike in sunflower and other edible oil prices and will take action if retail prices are not justified by increasing costs.