According to economists, the rising price of fuel in South Africa over the next few months will place even more pressure on already stressed consumers. This will lead to increased inflation and invariably increased pricing of food and essentials. Additionally, the possible raise in interest rates "will add an additional financial burden to consumers who have experienced another year of financial hardship thanks to the continued challenges brought on by Covid-19", says Neil Roets, chief executive of Debt Rescue.
Europe and the UK are experiencing unprecedented fuel and energy shortages, which could strike more of the globe.
Back home, "food, in particular, will be hit hard as it contends with the increased cost of transport and the energy needed for manufacturing". Roets advises "consumers to batten down the hatches and get ready for sharp cost increases across the board."
How do consumers keep up with the cost of living that is increasing at a decidedly uncomfortable pace? By thinking differently!
Save money on petrol and the running costs of your vehicle. Electricity is still cheaper than petrol in SA. Manage loadshedding by charging at various locations (during the day at work, overnight at home, incrementally at coffee shops, while at the braai, etc.). Make the switch to electric. It just makes sense.
Until next time,