This is according to FNB's Agri-Business senior agricultural economist, Paul Makube.
He says this was underpinned by a combination of factors including tight supplies due to slow livestock slaughter among other factors.
Makube says livestock producers faced enormous cost pressures emanating from a surge in raw feed input prices that necessitated the cost recovery as profit margins were severely squeezed.
The price of white maize, a major ingredient in feed manufacturing has so far increased by 43% and 28 % year-on-year(y/y).
"The price of soybeans, a major source of plant protein in livestock feed, so far averaged R10,561/ ton which is 39% higher y/y," he said.
FNB says the SA's food CPI subindex for November, meat CPI was steady but it still reached the highest level in 14 months at 10.5% year-on-year.
He says a deep dive into the meat CPI data shows that beef T-bone steak surged by 18 % y/y at R135.48 followed by brisket and chuck increase of 11.8 % and 10% respectively y/y.
Makube says while pork ribs and fillet posted modest gains of 3.9 % and 2.8 % y/y at R94.59/kg and R104.62/kg but pork chops fell by 3.8 % y/y at R89.55/kg.
He says lamb chops rose by 4.8% and chicken prices in most categories increased by 7.2 %.
Makube says FNB expects some reprieve for consumers early in the new year when the seasonal demand post-December holiday drop sets in.
"Nonetheless, we expect some reprieve for consumers early in the New Year as the lower seasonal demand post the December holidays in a tight economic environment with costs of electricity and transport still elevated likely to place downward pressure on meat prices," he added.
