South Africa’s (SA) Competition Law Practice Director at Cliffe Dekker Hofmeyr, Lebohang Mabidikane has raised concerns over rising living costs in SA.
According to the second Cost of Living Report released by the Competition Commission of SA, prices of essential goods and services are increasing at levels significantly higher than the consumer price index.
This indicates that the cost of necessities is rising faster than overall inflation.
The report shows that consumer purchasing power is declining at a notable pace, placing households under growing financial strain.
The findings highlight increasing pressure on consumers as affordability continues to worsen.
Competition Law practice Directorate at Cliffe Dekker Hofmeyr Lebohang Mabidikane: “Essentially, what the report is telling us is that the consumer’s buying power is being rapidly eroded by price increases that are outpacing the average inflation.”
“I think that consumer pressure is just getting started in terms of getting higher because it looks like there’s no end in sight. I say that simply because this is the second report by the Commission, and they published one last year and the picture seems to be a bit worse than it was last year as well”.
–SABC–
