Lesetja Kganyago, governor of the South African Reserve Bank has issued a stern warning on inflation. Taking to social media he used bread as an example, claiming that the high rates could see South Africans forking out R212 for just one loaf by 2038.
Taking to social media, Lesetja Kganyago issued a stern warning about the danger of high inflation rates.
The South African Reserve Bank governor had done the math and illustrated how any item could rocket to unaffordable prices, should inflation not be carefully controlled.
Posting a graph, he had shown how the price of a simple loaf of bread could reach a shocking price of R212 in 20 years depending on the inflation rate.
According to TimesLIVE, the governor had cautioned that "High inflation is not good for the welfare of our society,", tagging the presidency, the Reserve Bank and Treasury.
The governors projection might seem far fetched but in reality he might be closer to the truth of the matter than not. Neighboring Zimbabwe recently awoke to a 66% increase in the price of bread as well as a 120% fuel hike overnight.
Briefly.co.za reported earlier that Finance Minister Tito Mboweni is due to present South Africa's Budget speech on Wednesday. Hopefully, the Minister will be able to map out the nation's remedy for this situation.
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