Country Braces for Cost of Living Increase as Inflation Rate Climbs, Warnings of Higher Fuel and Food Prices
- Economists warn that the cost of living could increase and South Africans may have to save up and brace for the change
- The increased cost of living is due to the Russian conflict in Ukraine, which could see fuel prices increasing
- South Africans reacted to the news with most sharing the same sentiment that the poor will suffer the most
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South Africans are urged to tighten their belts as economists warn that the cost of living could increase soon.
Economist Isaac Matshego warns that the inflation rates are expected to increase from 5.7% to 5.9%. He attributes the increase to the rising fuel prices due to the Ukraine invasion by Russia.
Source: Getty Images
The SABC reported that Statistics South Africa will announce higher inflation rates and an increase in oil, fuel and food prices.
Matshego explained that the petrol price could increase by R2 a litre, while diesel could increase by almost R3 a litre. According to BusinessTech the FNB/BER Consumer Confidence Index (CCI) reports that South Africa’s wealthy and middle-income earners are less hopeful than the lower class.
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@SUL_humanist said:
“There's no bracing left with 50% unemployment. If there are no price controls introduced, then brace for riots. Many uprisings in the world are partly triggered by food shortages or inflation. If things get too expensive, prepare for civil unrest of the calibre not seen before.”
@MMohlosana commented:
“Now we aren't going to eat anything, especially the poorest of the poor.”
@Mokhabukidenta1 added:
“We scrap levies, our problem is solved. But we are led by mafia who don't care about their people.”
@GoodmanApostle shared:
“I reject these so-called economists who are employed to inflict with spirits of fear. These are the same economists who lied to my family about the current administration. Now, the same economists who manipulated the currency to sustain their evil narrative. Heal us God.”
Things are getting more expensive in South Africa as the cost-of-living increases
Briefly News previously reported that South Africans may start to feel more financial pressures in 2022 as the inflation rates increase and the cost of living goes up with it. Analysts at Alexander Forbes, a financial services firm say the current Consumer Price Inflation (CPI) data has revealed that the South African Reserve Bank will have no choice but to increase rates in response to the new figures.
The experts also believe that should the factors that are responsible for the increase in the inflation rate stay in place, things will get even more expensive in the years to come, according to BusinessTech.
Source: Briefly News
