Take-home pay in South Africa has seen a negligible change in March. This spells bad news for households already battling the high cost of living.
The index shows salaries measured have been disappointing over the last 12 months, resulting in a notable erosion of the purchasing power of households.
It says the recent depreciation in the rand exchange rate and the additional cost of production due to load shedding, as well as related extra expenditure, have added another layer of costs to the economy. “Inflation remained elevated above 7%, food inflation above 14% … not kept up with inflation,” says Independent economist Elize Kruger.
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