Good news for consumers as cooking oil prices expected to drop
South Africans can soon breathe a little easier with the drop in price of cooking oil.
All consumers in South Africa will have a big smile on their face when they find out the big news.
According to Business Insider, cooking oil prices are expected to drop in the next two months.
Read more: Cause for concern? Woolies and PnP impose limits on cooking oil purchases...
Morne Botes, who is the commercial director for South African oil producer Southern Oil (SOILL), has indicated the price of sunflower oil is expected to decrease by 25% to 30%.
That equates to R84.99 to R79.99 for 2 litres.
SEE: With rising cooking oil prices, where should you go for the best deals?
What is also interesting to note is that how this directly impacts what's been going on in the Ukraine and Russia war.
Canola and sunflower oil suppliers from Ukraine have already started to stabilise.
This comes after the six-month war in Ukraine which had initially sent prices sky high.
Meanwhile, bread prices are going up due to inflation.
According to NielsenIQ which is a research company, with inflation always rising, people get forced to cut down on expensive protein options.
Read more: Consumers need to set aside more money for bread, warns economist
Sales of bread have increased 33% according to the research done by NielsenIQ.
With the rise in bread sales, it's a clear reflection that consumers are sacrificing expensive proteins just to get by.
MORE ON EAST COAST RADIO:
Main image attribution: Pexels