Recently, the rand's value dropped to levels last seen in June 2021, adding to the ongoing rise in fuel costs.
The rand to the dollar has had multiple effects on other aspects of living, with predictions of a further surging cost of petrol in upcoming months.Images-Canva/StockfreeimagesThe rand to the dollar has had multiple effects on other aspects of living, with predictions of a further surging cost of petrol in upcoming months.Images-Canva/Stockfreeimages
The rand has recently dropped to levels similar to those seen in June, and this will contribute to the already rising fuel prices.ABSA’s PMI reported a significant drop in the manufacturing sector, reaching its lowest point since July due to rising costs and power shortages.reported that the US Consumer Price Index rose more than expected, at 3.7% year-on-year, surpassing the prior 3.2% year-on-year.
However, the core CPI stayed as predicted at 4.3% year-on-year, a decrease from the previous 4.7% year-on-year.The increasing cost of living is severely impacting the people of South Africa. Specifically, the price of 95 unleaded fuel now surpasses the minimum average hourly wage in the country.According to a statement released by the CCMA in February 2023, the Department of Employment and Labour has introduced the updated National Minimum Wage for South Africa.
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