Little demand, even less supply
South Africa's inflation rate reached 7,2% year-on-year in December 2022, and while this was 0,2% lower month-on-month, it was still higher than the target of 3% to 6% set by the South African Reserve Bank (SARB). Inflation refers to the increase in prices of goods and services, and in July last year, the country reached a peak inflation rate of 7,8%. As a result, in December, we were paying an average of 7,4% more for said goods and services, while the salaries of many South Africans increased by far less than the inflation rate. So, in essence, we are all getting poorer. There are various other reasons for the rise in the cost of goods and services. For example, the skyrocketing fuel prices have certainly added to the burden of inflation. In…
