Business News: Public Outrage Stems From Extreme Food Price Increase
- A portion of the general public of South Africa has collectively expressed feelings of frustration towards the immense food price increase
- The drastic food price increase was accompanied by increases in multiple other sectors such as housing utilities, transport services and miscellaneous goods
- Nicky Weimar, a senior economist at Nedbank, expressed concerns towards a collectively unwanted truth that food price increases could lead to a higher cost of living
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South African consumers were shocked recently as they began to experience the struggle stemming from the exponential food price increase leading many to openly express their displeasure.
Food and non-alcoholic beverages have elevated in price by 6.7% annually, housing utilities have gone up by 2.6%, transport services by an additional 12.3% and miscellaneous goods have increased by 4.1%.
Nedbank senior economist Nicky Weimar expressed concern that elevated food prices would more than likely continue to increase the cost of living in South Africa.
Source: Getty Images
Following reports by IOL, FNB economist Koketso Mano expressed that although the level of the disruption resulting from the civil unrest last week was still vague, food inflation should remain increased.
Mano continued by emphasising the risks stemming from the disruption to processing and distribution networks due to the civil unrest that could cause increased pressure on non-essential food products.
National Consumer Commission (NCC) communications officer Phetho Ntaba confirmed that a supplier was not permitted to increase the price of essential goods and services on account of only the riots according to The Citizen.
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Basic income grant being 'seriously' considered by Government
Briefly News recently reported that President Cyril Ramaphosa recently stated that the basic income grant is seriously being considered as there are proposals that Government pays cash stipends out to address the high levels of poverty and inequality that fuelled the unrest.
Ramaphosa said this in an online lecture on Sunday. He added that it is being discussed within the African National Congress and at Government level. Treasury is discussing the aid that is taking place and the presidency is considering a separate support package for businesses and individuals.
The support packages are for those impacted by the issues that have been plaguing the country over the past week where at least 212 deaths have been reported.
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Source: Briefly News
