SOUTH AFRICA - RED MEAT PRICE EXPECTED TO SKYROCKET SOON

"That's actually when we are going to see the prices sky-rocketing," Sihlobo said, declining to give a price forecast.

The Dec. 16 contract month beef price remained unchanged from the previous day on Thursday, closing at 41.50 rand per kg, the agricultural business chamber said in a note.

"The expectations are that there will be between a 9 and 15 percent increase between now and December," said FNB agricultural economist Paul Makuba.

Food prices, a key driver of inflation, are expected to reach a peak this year the central bank said on Thursday keeping interest rates steady at 7 percent.

"Food price inflation is still expected to reach a peak in the fourth quarter of this year, at around 12.3 per cent," said Reserve Bank Governor Lesetja Kganyago in a statement.

The lower meat supply could remain as herds are rebuilt, which would take between three and four seasons to get back to normal levels, said Gerhard Schutte, the CEO of South Africa Red Meat Producers Organisation.

Schutte also declined to give a price forecast.

VIA - reuters