South Africa Food Producer Pricing June: Pickup in pricing activity

Research evidence excerpt

South Africa Food Producer Pricing June: Pickup in pricing activity

7 July 2026

Equities

South Africa Food Producer Pricing Food Products

June: Pickup in pricing activity South Africa

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

18% (May’26: 16%) of our surveyed basket Analyst,HSBC SecuritiesSouth Africaand CapitalConsumerMarketsand(India)IndustrialsPrivate

Limited

◆ MoM prices: AVI up in I&J; TBS down in bread, up in other harshul.sharma@hsbc.co.in

+91 91 3676 7047

groceries and HPC; PMR down in maize meal; RFG up in

Nick Webster*

juice; LBR up in cheese and yoghurt Senior EM Consumer Analyst

HSBC Bank plc

nick.webster@hsbc.com

◆ Domestic soft commodity prices tracked lower for 7 out of 8 +44 7468 703441

commodities on a 12-month average basis Ayanda Malinga*

South Africa Consumer & Industrials Analyst

Our survey showed a marginal pickup in the contribution of price hikes as they ayanda.malinga@hsbc.com

affected 12% of our basket in Jun’26, vs 11% in May’26. The portion of our basket with +44 207 991 2289

no change in prices was 82% (May: 84%), while price cuts accounted for 6% of the

basket (5% in May). Domestic soft commodity prices in ZAR terms tracked lower for 7 out * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

of 8 tracked commodities, with deflation in sorghum (-6%), black tea (-8%), maize (-33%),

palm oil (-4%), rice (-25%), arabica (-3%) and wheat (-3%) on a 12M average basis.

Globally, grain prices experienced a pullback in June, with wheat, corn, barley and

soybeans prices all falling m-o-m. Some of this reflects the US-Iran MoU and reopening of

the Strait of Hormuz, while some also reflects rapid planting progress for corn and