A survey conducted by Debt Rescue shows that as many as 81% of respondents are cutting down on daily meals because they can no longer afford them, while 41% say that their monthly grocery budget can no longer feed their families.
“The price of basic foodstuffs has risen astronomically over the past year. Accelerating inflation plays a huge role in this as it affects the financial stability of the average consumer. Steep inflation is causing expenditure to increasingly exceed the income of the average person, and people are feeling desperate and out of control financially.
The latest consumer price information shared by Stats SA indicates that year-on-year increases in transport costs ; food and non-alcoholic beverages ; housing and utilities as well as miscellaneous goods and services are the main contributors. “When the businesses that profit the most are contributing to the demise of their own customers – among them their own neighbours, friends and associates – I think it’s safe to say we are in trouble with a capital ‘T’,” he said.
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