Consumer confidence plunges on severe load shedding
plunged in the first quarter, according to a survey released on Thursday, as the country continued to be plagued by severe power shortage and a cost-of-living crisis.Bureau for Economic ResearchThe first-quarter plunge is the lowest on record since 1994 and indicative of extreme concerns among consumers about South Africa’s economic prospects and their household finances, according to the survey.
“The alarming increase in power outages since December and the concomitant deterioration in South Africa’s economic prospects no doubt rocked consumer sentiment during the first quarter,” said FNB chief economist Mamello Matikinca-Ngweny. The vast majority of consumers believe it was inappropriate to buy durables like vehicles, furniture and household appliances in anticipation that South Africa’s economic growth over the next 12 months will deteriorate, the survey showed.Headline inflation rose slightly in February to 7% from 6.9% in the prior month, data showed on Wednesday, fuelling bets that the South African Reserve Bank would hike interest rates by 25 basis points at its meeting next week.
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