South Africa May Need About $1.2 Billion to Import Corn Needed

  • Food-price inflation could accelerate to 12% by mid-year
  • Weekend rain in growing areas insufficient to revive crop

South Africa, the continent’s largest producer of corn, may have to pay as much as $1.2 billion for imports of the grain this season as an El Nino-induced drought damages crops in the nation’s main producing areas.

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