Rising prices: 'We’ve got pain ahead; the time to tighten belts is yesterday'

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Kabous le Roux

2 days ago
Rising prices: 'We’ve got pain ahead; the time to tighten belts is yesterday' © kasto/123rf.com

Inflation is spiralling in South Africa, and around the world.

The latest figure of 6.5 percent breaches the Reserve Bank’s inflation target, meaning higher interest rates are almost a certainty, as it attempts to gain control.

RELATED: Russia blocks Ukraine from exporting grain to desperate countries

Price increases between April and May:

  • Diesel: 8% (annual increase 45%)

  • Food and non-alcoholic beverages: 2.1%

  • Oils and fats: 10.1% (annual increase 26.9%)

  • Sunflower oil: 16.1% (annual increase 40%)

  • Bread and cereals: 3.4% (annual increase 8.4%)

  • Maize meal: 5.1%

  • White bread: 3.7%

  • Meat: 9.4% (annual)

  • Chicken: 13.7% (annual)

  • Stewing beef: 12.2% (annual)

Africa Melane interviewed Hayley Parry, money coach and facilitator at 1Life.

We’ve got pain ahead. The time to tighten belts is yesterday… Now that the inflation target has been breached, we’re probably going to have more increases in interest rates. The cost of debt is going to increase too…

Hayley Parry, Money coach - 1Life

The sooner you get on top of your personal finances the better… We don’t know how long the Ukraine situation will be in place for. We don’t know how much longer inflation will rise before it peaks…

Hayley Parry, Money coach - 1Life

This article first appeared on CapeTalk : Rising prices: 'We’ve got pain ahead; the time to tighten belts is yesterday'

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