South African consumers' grocery costs are increasing at three times the rate of inflation, debt management company DebtBusters said on Friday.
“DebtBusters clients are spending more and more money on essentials due to the consistent rising costs of consumer goods and services,” CEO Ian Wason said in a statement.
“The spending patterns of clients on essential needs, such as food expenses, petrol and travel expenses, in relation to their income have drastically increased.”
Most high-income clients - those earning R20,000 and above - suffered a 14.1 percent increase in food expenses in the past nine months.
Statistics SA said on Wednesday the Consumer Price Index (CPI) annual inflation rate for all urban areas increased to 6.3 percent in July.
The CPI measures changes in the price level of consumer goods and services.
Wason said the CPI exceeded the prediction of a 5.9 percent average for 2013, as well as the SA Reserve Bank's target range of between three and six percent.
“Breaching the target range for inflation can be attributed to not only a drastic increase in petrol prices and the weaker rand, but also broader economic pressures.” -Sapa