Economist predicted R22 a litre for fuel earlier this week, but should the rand continue to weaken on the back of a prolonged war and higher oil prices, worse may be in store for consumers.
The Russian invasion of the Ukraine may be half a world away, but its global consequences mean that South Africans will be paying more for almost everything, very soon. According to economist Dawie Roodt, the country will feel a dual impact of the conflict – both in financial markets and in the real economy. And it’s already started with the rand losing ground against major currencies over the past 24 hours and Brent crude oil shooting past $100 a barrel.
Roodt predicted R22 a litre for fuel earlier this week, but should the rand continue to weaken on the back of a prolonged war and higher oil prices, worse may be in store for consumers. SA’s inflation is currently projected at 4.8% for 2022. In 2003, when the US-led allies invaded Iraq, the consumer price inflation was at 5.68%. The price of a sliced bread was about R10 in 2020.
“This is a matter between Russia and Ukraine and should not be escalated to involve the livelihoods of the rest of the world.”
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