Over the past few months, South African consumers have been hit by steep price increases that have dramatically affected their quality of life.
Over the past few months, South African consumers have been hit by steep price increases that have dramatically affected their quality of life, says president Cyril Ramaphosa.
“Food inflation was recorded at 6.2%. The most basic foodstuffs cost more than a year ago, with staples like cooking oil recording the highest increases. The price of fuel, which affects the price of almost everything else, has risen by a third in the twelve months to March 2022.”He pointed to a recent poll by the World Economic Forum which shows that nearly a quarter of people globally, including those in developed economies, are struggling financially due to rising prices.
He added that the government is investing heavily in improving local agricultural capacity, supporting commercial and small-scale farmers alike and helping more people to grow their own food. The country’s extensive social grants system and zero-rating of basic goods also help to protect the poor from rising costs, he said.
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