Nobel winner Navi Pillay talks justice, power and accountability with Jeremy Maggs

A tiger or a premier rely on that forward buying or hedging before more expensive maize starts to hurt their profits? No, you're quite right. They tend not to buy more than six months ahead of time. Astral is probably the longest. I think they've bought forward probably through until March. Maybe they've extended that a little bit further now to May. Tiger and Premier tend not to buy as far ahead. So, yes, for the next

Couple of months they do benefit from the lower input prices, but then once those roll off, they will be exposed to whatever the market is offering at that time, and they will have to pass on those higher prices to customers. And therein lies the conundrum because do companies like that have enough pricing power, do you think, to protect margins without losing customers? Yes, they have a certain amount of pricing power. They are fighting against the big retailers and

Checkers and Boxer, Pick n Pay, et cetera, do have a lot of pricing power as well. And they are fully aware of the impact that higher prices have on their consumers. And so they also try and do bulk buying and limit the impact of higher prices on their customers. But inevitably, it will come through. The consumer, as we know, is already under a lot of pressure with significantly higher fuel prices. And now, with the higher staple food prices coming through,