South Africans are still paying too much for essential food items, like bread, maize meal and cooking oil despite a drop in global food prices.

According to the latest essential Food Pricing Monitoring report, the commission noted a decline in commodity prices in 2023 has not lead to reduced prices for consumers.

Spokesperson for the Competition Commission, Siyabulela Makunga says the high prices of the three essential food items are a result of the rocket and feathers effect.

Makunga explains that the rocket and feather effect is whereby markets realise that rapid increases in input costs due to volatility and inflation and when such costs come down, consumers do not necessarily enjoy significant reduction in retail prices.