Durban - Middle-income consumers are feeling the pinch of higher food and administered prices that are crippling poor households who are taking on burgeoning debt to survive from month to month. This was among the findings of Pietermartizburg NGO Economic Justice and Dignity’s Household Affordability Index for January, released last week.
The PMBEJD warned of spiralling financial woes for consumers in the coming months. If Eskom is granted a 17% price hike and VAT is further raised as some analysts predict, however, economists said yesterday that consumers could expect some relief in terms of lower food price inflation due to improved weather conditions and expanded planting.
According to the report, the cost of a basic household food basket increased by R221.70 from R3118.28 in January 2019 to R3339.98 in January 2020. There was also a R140.11 hike in the cost of the basket between December 2019 and January 2020. Food items that reflected above the SA Reserve Bank’s 3 to 6% inflation target band included potatoes ; onions ; tomatoes , carrots ; spinach ; butternut ; cabbage ; frozen chicken pieces , chicken feet ; beef ; peanut butter , wors and tea .
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