South Africans are, on average, paying over R4000 for their household groceries. Photo: stevepd / Pixabay
South Africans are paying MORE than R4.3k for their household food
A recently published set of data revealed that South Africans are on average paying more than R4,000 for their household food.
South Africans are, on average, paying over R4000 for their household groceries. Photo: stevepd / Pixabay
Data from the February 2022 Household Affordability Index stated the average cost of the household food basket was R4,355.70. In Cape Town, the year-on-year household food basket increased by R309.77 (8%).
Common household food items were tracked
The food that was tracked are basic items found in most SA households. These included cooking oil, onions, salt, full cream milk and margarine which have all increased in price since last year.
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The Index tracked food prices from 44 different supermarkets and 30 butcheries. The areas are in Durban, Johannesburg, Pietermaritzburg, Cape Town and Springbok. The household Affordability Index is published by the Pietermaritzburg Economic Justice and Dignity Group.
Stats SA’s data worked hand-in-hand with that of the Index
Stats SA has also come out with data that showed the increase in cereal and bread. The inflation, annually, for bread and cereals, went up by 3.7% in February from 1.5% in January.
Stats SA revealed that the changes in these months were significant. It stated that these changes were the biggest monthly increase, in its category, since the start of 2019.
IOL reports that the Federation of Unions SA (Fedusa) linked the price increases to the insane cost of fuel – attributed to the Russia-Ukraine conflict.
Western Cape has the HIGHEST average rent in SA – over R9.4k
PayProp, a property management company, released its annual market report for 2021. The report sets out how much and where average South Africans are paying their rent.
The report stated that the rental growth statistics for quarter four increased by 0.8% year on year. It moved from an average of R7,854 per month in 2020 to R7,906 in 2021, according to BusinessTech.
The local property market has been impacted by the South African Reserve Bank’s (SARB) ongoing hike in rate cycles. This was announced during Minister of Finance Enoch Gondongwana’s budget speech.
PayProp’s Head of Data Analytics Johette Smuts stated that a rise in repo rates will directly affect interest rates. It also impacts various aspects of the economy. Thus, the average increase could manipulate spending in order to reach specific economic goals. Read the full story here.
