South Africa is facing the highest inflation rate in 13 years. According to the sources, there’s an increase of 0.4 percent in just one month. Rising the inflation rate from 7.4% to 7.8 in the month of July.
Many countries around the globe have been suffering the deteriorating economy.Partially because of Covid & some because of instable political scenarios. Experts say that the war between Russia & Ukraine too have a major contribution in this disturbance.
Coming back to the African economy, major commodities such as medicine, food, beverages, electricity is noticed to be affected the most in the country. All the non-durable commodities have shifted to double digit figures which is at 14.4%.
South Africa to see highest inflation rate in 13 years
StatsAF released a report recently, stating that bread’s price has increased by 13.7%, putting it in the price range of 17.84 rands. If we compare the same price to the last year, it stood at 15.57 rands. Moreover, Oil raised by 36.2%.
To check the facts right, 34% of the African working population is unemployed. The state organizations are trying their best to stabilize the situation. The south African central bank tried to raise its basis points by 75. It is expected to put the inflation rate back to 5.5%.
South Africa’s public comes out to protest the ever-increasing Inflation rate.
South Africa is going through extreme economic crises, so Public has decided to come out in protest. We recently witnessed that the country is seeing the highest inflation rate in 13 years, making the public’s living next to impossible.
Therefore, the novel news is that the public has come out on streets to reject the costly living. Their way of protest is extraordinarily interesting as thousands have joined hands, singing their liberation struggle songs while marching towards the president’s office.
While the inflation rate has reached 8%, making ⅓ of South Africa’s population unemployed,we see masses especially the younger generation coming & chanting for their future. They are holding placards saying “Stop the rise in inflation immediately”, “ make the living affordable” & more like “ say no to inflation”.
The protest was called by the two largest union parties in South Africa. The demands are quite simple, varying from lowering fuel prices, reducing the interest rate, and deteriorating the prices of daily commodities.
South Africa to see highest inflation rate in 13 years
One of the union group, SAFTU, leader put up a banner saying, “Don’t moan, mobilize or starve ”. It was for those who were skeptical if they should take part in this country-wide protest. He went on blaming the president & his cabinet for willing to increase their own wages rather than concerning over miserable living. The statement was referred to when South Africa’s president raised 3% in his pay.
Economic crises is a worldwide concern. From Sri lanka, South Africa, Ukraine to some Asian countries, the issue is taking a leap for sure.
BREAKING: South Africa reports inflation of 7.8% in July, the highest in 13 years.
— The Spectator Index (@spectatorindex) August 24, 2022
