South African households are struggling to make ends meet amid rising food prices, higher electricity prices, and the latest blow from escalating fuel prices.
Worryingly, the price of illuminating paraffin – which is used as a fuel source for cooking, heating, and lighting in many poorer households – will also increase by as much as 80 cents per litre on Wednesday. And short-term relief was offered by the government by reducing the General Fuel Levy by R1.50 over the past two months. This comes to an end ahead of the June fuel announcement.
The economists said that the assumption of Brent crude oil prices is critical to projections, given how vital the prices are for the broad trajectory of headline CPI inflation. The bank forecast headline CPI inflation peaking briefly above the upper limit of the target range in Q2 22, and an elevated risk of strong second-round effects.
Sihlobo noted that South Africa is not alone in its trying times: Africans across the board are spending a lot on fuel and food at this current moment. The conflict has also resulted in soaring global grain prices, and decreasing food security.
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