Bull Brand owner RFG believes price pressures on food producers have peaked

RFG Holdings, which manufactures Rhodes and Bull Brand canned products, believes the worst may be behind food producers when it comes to rampant raw material price increases across global markets.

Food producers have faced soaring costs of meat, vegetables, tinplate and paper due to supply crunches around the world in the wake of the Covid-19 pandemic. But they have also passed some of these costs on to cash-strapped consumers.

RFG, reporting results for the year ended 2 October 2022 on Wednesday, said it had been forced to pass on price increases of 14.1% to consumers during the period under review to cope with price increases north of 30% for tinplate and 20% for paper, for example.