Consumers warned of major food & fuel price hikes
Economists are predicting that red meat prices will increase by at least 50%.
JOHANNESBURG - South African consumers have been urged to budget strictly and prepare for a major hike in food prices and another petrol price increase with the country still in the grips of a crippling drought.
Economists are predicting at least a 50 percent hike on the price of red meat because of the drought and an 18 cents increase for a litre of petrol.
Debt Rescue says this will have a devastating effect on consumers who are already in debt.
CEO Neil Roets is advising that consumers save as much as they can and seek debt counselling.
"I expect a fuel price increase of about 18 cents a litre, but along with that we're also seeing an increase in food prices. Meat prices will be going up soon, by about 50 to 60 percent."