South Africans in debt will be hit hard in their pockets as annual average inflation increases to 6.9%, the highest in 13 years📈 costoflivingcrisis
Annual average consumer price inflation increased to 6.9% for 2022, the highest in 13 years, while consumer price inflation slightly dipped to 7,2% in December 2022 from 7,4% in November 2022.
The previous highest inflation rate was 7.9 in 2009 during the financial crisis that hit the global economy. The inflation rate for 2021 was 4.5% This is bad news for people who have debt, because 5.9% is significantly higher than the target band of 3% – 6% to contain inflation that the Reserve Bank uses to determine the repo rate. this means that interest rates will increase further and indebted consumers will pay more for their debt.According to Statistics SA, food and non-alcoholic beverages increased by 12,4% year-on-year and contributed 2.
In December, the annual inflation rate for goods was 10,1%, down from 10,4% in November and 4,3%, down from 4,5% in November for services.
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