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South Africans warned of higher cost of living ahead – SABC News

Economists warn South Africans about themselves for a even higher cost of living ahead. Statistics South Africa is expected to announce a higher inflation rate on the back of rising oil, fuel and food prices.

The Reserve Bank is also expected to announce another rate hike on Thursday.

Economist Isaac Matshego says the repo rate is expected to increase by 25 basis points. He says fuel prices will hit record highs due to the Ukraine invasion by Russia.

“We expect inflation rates to increase slightly to 5.9% from 5.7% and the main drivers will be high fuel prices and insurance. We are likely to see a petrol price increase of R2 per liter and diesel running at around R3 per liter. That they would keep inflation higher for longer and pressure on food prices will be affected by the conflict between Russia and Ukraine, which inflation is likely to remain around six percent in the coming months.

Price increases I Cost of living for ordinary households in tension:

South Africans warned of higher cost of living ahead – SABC News

Source link South Africans warned of higher cost of living ahead – SABC News

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