ANC government unable to restrain the cost-of-living crisis
24 May 2023
Today’s inflation statistics revealed by StatsSA are not merely numbers - they are glaring symptoms of an unrelenting cost of living crisis gnawing at the core of South African households.
The official inflation rate, surpassing 6.8% on a year-to-year basis, breaches the stipulated target range of the South African Reserve Bank (SARB) for the 12th consecutive month, and reveals an economic landscape scarred by inflationary pressures.
However, a deep-seated analysis of these numbers reveals a crisis in full swing. Transportation expenses that have rocketed by 7.6% and escalating fuel prices by 5% leaves South Africans gasping for economic breath.
Food prices have seen a staggering 14.3% hike, with the cost of bread, a fundamental food item, surging by 20.8% within the year.