Consumers urged to keep close eye on household expenses amid food price hikes

South African households will have to keep a close eye on their spending habits due to the escalating costs of food in recent months.

702/CapeTalk's Redi Tlhabi on Wednesday spoke to a researcher at the Pietermaritzburg Agency for Community Social Action, Julie Smith, about the issue.

Listen to the interview below:

That doesn't help the households who now have to deal with the implications of these increases.

Julie Smith, Pietermaritzburg Agency for Community Social Action

The escalation of the prices, particularly over the last two months, is quite terrifying.

Julie Smith, Pietermaritzburg Agency for Community Social Action

The latest drivers of the increases is drought, and it's also being exacerbated by the volatility in the exchange rate which is being compounded by the electricity prices.

Julie Smith, Pietermaritzburg Agency for Community Social Action

Redi, in the second part of the interview, explored how retailers were reacting to the increasing prices of food.

The official rate of household indebtedness is 77% and many households are taking on more and more debt.

Julie Smith, Pietermaritzburg Agency for Community Social Agency

Retailers are clever. They know the market and they also know how to manipulate customers.

Julie Smith, Pietermaritzburg Agency for Community Social Agency

This article first appeared on 702 : Consumers urged to keep close eye on household expenses amid food price hikes


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