Analysis of the relationship between maize and crude oil price with reference to economic shocks in South Africa

South Africa deals with food security amidst economic shocks, notably in maize, a pivotal commodity in South Africa. Post maize marketing board’s abolition, prices responded to market dynamics, including oil price impacts. Presently, rising interest rates outweigh oil in food price fluctuations. Limited research exists on the link between oil and maize prices during crises in South Africa. This study examined this gap using quantitative methods on data spanning 1997–2022. Findings suggest a long-term impact of oil price hikes on maize prices. The study highlights maize’s swift reaction during crises like the 2007/2009 global financial crisis, 2022 Russia Ukraine conflict, and Covid-19, causing a notable surge in prices.

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Publication Details

Journal
Human Science Research Council SA
Published
2026-05-22
DOI
https://doi.org/10.14749/32361294
Primary Topic
Market Dynamics and Volatility
Type
article
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article

Analysis of the relationship between maize and crude oil price with reference to economic shocks in South Africa

Human Sciences Research Council
Human Science Research Council SA
Market Dynamics and Volatility
article

Analysis of the relationship between maize and crude oil price with reference to economic shocks in South Africa

Human Sciences Research Council
article en

Abstract

South Africa deals with food security amidst economic shocks, notably in maize, a pivotal commodity in South Africa. Post maize marketing board’s abolition, prices responded to market dynamics, including oil price impacts. Presently, rising interest rates outweigh oil in food price fluctuations. Limited research exists on the link between oil and maize prices during crises in South Africa. This study examined this gap using quantitative methods on data spanning 1997–2022. Findings suggest a long-term impact of oil price hikes on maize prices. The study highlights maize’s swift reaction during crises like the 2007/2009 global financial crisis, 2022 Russia Ukraine conflict, and Covid-19, causing a notable surge in prices.

Human Science Research Council SA
Zero hunger
Openalex Percentile: Top 3%
Market Dynamics and Volatility
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