Rising living costs, primarily due to higher transportation and utility prices, will be a major consideration for the middle-market in 2022 with finances expected to come under additional pressure, says Rob Gwerengwe, chief executive of FNB Middle Market.Rising fuel prices – which will impact all transport costs;“Because of higher oil prices globally, domestic fuel prices have gone up significantly, eating into consumer’s discretionary income.
Gwerengwe said the upper-middle market also has to contend with higher car prices, due to global supply constraints. These supply pressures will likely linger for some time, before normalising towards the end of 2022 or the beginning of 2023, he said. Given these inflationary pressures and global economic developments, Gwerengwe also expects that interest rates will start normalising this year with a 75bps increase forecast in 2022.
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