Johannesburg - The rising fuel price is proving to have widespread implications for everyone in the country. The ripple effect is felt by every sector of the economy and trickles down to the public, who are feeling the pinch.
As transportation and logistical costs increase, so too do the prices of goods. And South Africans are looking at all ways to cut their costs to keep afloat, including less booze on weekends and less entertainment.
WATCH VUSI ADONIS’S VIDEO BELOW where he spoke to shoppers in Joburg to get a sense of how they are coping with rising costs.
South African consumers are bracing themselves to pay more for food, transportation, and other basic necessities in light of the recent fuel hike, which saw 93 Unleaded petrol increase by R2.43 per litre and 95 Unleaded go up by R2.33. This is according to Denesh Singh, COO of the KwaZulu-Natal-based logistics company, BigFoot Express Freight.
Other factors influencing the rising cost of food include the invasion of Ukraine by Russian forces.
The pressure on supply means that food stocks are limited, resulting in a rise in costs.
The Pietermaritzburg Economic Justice and Dignity Group reported that from April to May 2022, the average household food basket increased by R66.96 from R4 542.93 to R4 609.89.
A telling example of how dramatically prices have risen in recent times is the price of cooking oil in South Africa that has risen over 50% in the past year.
South Africans are all feeling the pinch, and the general consensus is that we all need to tighten our belts if we are to survive the price crunch.
Shopper Kenny Tshikungulu from Cosmo City said: “Generally, I feel ... entertainment ... we need to give up on it.”
Another shopper agreed with him, stating that she would cut out entertainment for her children and that she would rather entertain them at home.
Thlogi Monyai, also shopping in the area, suggested that men should consume less alcohol. He said: “I know guys like to drink on weekends. We must try to cut down on that as well. If you know you drink every weekend, then maybe drink twice a month.”
Another shopper said: “Food prices are becoming extremely insane, extremely expensive.”
It would appear that most consumers are in agreement that we all need to be more frugal with our money and spend it on the essentials.