We’ve heard it all over the news, the radio and our general conversations: ‘Everything is so expensive these days!’ It’s true, the state of the world today has left South Africa with record high inflation.
South Africa’s numbers
‘Many countries around the globe have experienced rising inflation in recent months, making it a hot topic for debate, particularly in the area of monetary policy,” Statistics South Africa have released. In South Africa we’ve hit a 13-year high. In June 2022 the inflation rate was recorded at 7.4% – ‘the highest reading since May 2009 (8%) when the economy was facing the headwind of currency depreciation during the global financial crisis,’ reports BusinessTech.
‘Prices of food and non-alcoholic beverages (NAB) increased by 8.6% year-on-year in June,’ Statistics South Africa say. ‘This is the highest annual rate for food and NAB since March 2017 when the country was recovering from severe drought. The main groups contributing to high food inflation in June 2022 were bread and cereals, meat, and oils and fats.’
What’s taking the biggest hit?
With prices rising more and more each month, it’s hard to keep track of where inflation is hitting your pocket the most. In a comparison between June 2021 and June 2022, it’s been found that these are the goods seeing the highest annual price increases:
- Fuel: +45.3%
- Oils and fats: +32.5%
- Electricity: +14.5%
- Public transport: +14.3%
- Bread and cereals: +11.2%
- Meat: +9.5%
- Beer: +8%
- Wine: +7.9%
How do we manage it all?
In difficult times like these many are opting to find ways of creating a second income. In South Africa a popular route is Airbnb.
ALSO SEE: Making money with Airbnb in South Africa.
But on a more practical level, every small change can be a big help. Here are some suggestions from the W&H team:
- Cycling and walking more, especially if you live in the city;
- Making use of wood fires, big blankets and lots of carpets to keep the house warm and cosy;
- Keep your vehicle light – the more weight in it the more it costs to drive;
- Look into a timer for your geyser and manage the length of your hot shower;
- Shop smart by looking over the weekly deals before heading out, a store card often helps too;
- Enjoy meatless Mondays (and maybe a Wednesday too);
- Try the air fryer craze – no oil, but all the taste!
Cover image by Karolina Grabowska.
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