Here are three areas where South Africans cut back spending due to the economic headwinds of 2022.
2022 has been a turbulent year for South Africa, which experienced rising interest rates, unemployment, and record-high food and fuel prices, leading to a rampant increase in the cost of living for most South Africans.
Increases in the domestic price of fuel have been big news in South Africa throughout 2022, and motorists have been forking out more thanSouth Africans with petrol vehicles are now paying R3.85 more for a litre of petrol, while diesel motorists are spending a significant R6.68 more for a litre since the start of the year when the price of 95 petrol was R19.61, and diesel was R17.24.
Oils and fats had the highest price increases year-on-year, with inflation at 25.7%, followed by bread and cereals , meat, milk, cheese and eggs and fish . As a result of these realities, many consumers have had to revise their spending habits to weather the economic storm in 2022.The results of the study showed that they pulled back spending on three main categories:– 50% have tightened their belt on shopping; andUnfortunately, South Africans still have a tough road ahead of them. Food inflation, fuel prices and unemployment are expected to remain elevated going into 2023.
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