South Africa Food Producer Pricing May: Pickup in pricing activity vs April

Research evidence excerpt

South Africa Food Producer Pricing May: Pickup in pricing activity vs April

8 June 2026

South Africa Food Producer Pricing Equities Food Products

May: Pickup in pricing activity vs April South Africa

◆ Pricing activity picked up in May’26, with price changes for 16% Harshul Sharma*

(Apr’26: 8%) of our surveyed basket Analyst, South Africa Consumer and Industrials HSBC Securities and Capital Markets (India) Private Limited

harshul.sharma@hsbc.co.in

◆ MoM prices: AVI up in biscuits, down in coffee and coffee +91 91 3676 7047

creamer; TBS down in flour, up in other groceries; PMR up in Nick Webster*

Senior EM Consumer Analyst

maize meal, bread, flour and confectionery HSBC Bank plc

nick.webster@hsbc.com

+44 7468 703441

◆ Domestic soft commodity prices tracked lower for 6 out of 8

Ayanda Malinga*

commodities on a 12-month average basis South Africa Consumer & Industrials Analyst

HSBC Bank plc

ayanda.malinga@hsbc.com

Our survey showed a pickup in the contribution of price hikes as they affected 11% +44 207 991 2289

of our basket in May’26, vs 6% in Apr’26. The portion of our basket with no change in

prices was 84% (Apr: 92%), while price cuts accounted for 5% of the basket (2% in Apr). * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Domestic soft commodity prices in ZAR terms tracked lower for six out of eight tracked not registered/ qualified pursuant to FINRA regulations

commodities, with deflation in sorghum (-6%), black tea (-8%), maize (-31%), palm oil

(-4%), rice (-28%) and wheat (-2%) on a 12M average basis. The Middle East conflict and

closed Strait of Hormuz have affected markets for agricultural commodities in a number of

ways, with the primary issue being the disruption to the supply of fertiliser. In addition,