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Grocery costs increasing over inflation
South African consumers' grocery costs are increasing at three times the rate of inflation according to debt management company DebtBusters.
"DebtBusters clients are spending more and more money on essentials due to the consistently rising costs of consumer goods and services," the company's chief executive Ian Wason said.
"The spending patterns of clients on essential needs, such as food, petrol and travel expenses, in relation to their income have drastically increased," he warned.
Most high-income clients - those earning R20 000 and above - suffered a 14.1% increase in food expenses in the past nine months.
Statistics South Africa said last week the Consumer Price Index (CPI) annual inflation rate for all urban areas increased to 6.3% 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% average for 2013, as well as the South African Reserve Bank's target range of between three and six percent.
"Breaching the target range for inflation can be attributed to a sharp increase in petrol prices and the weaker rand, along with broader economic pressures," he said.
Source: Sapa via I-Net Bridge
Source: I-Net Bridge
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