It’s horrifying that eight out of 10 South Africans say they are having to cut down on eating, simply because the soaring food prices mean they can no longer afford three meals a day.
A new survey, conducted by Debt Rescue, shows additionally that 41% of people say their monthly grocery budget can no longer feed their families.
The country’s annual inflation rate increased to a high of 7.8% in July – above market expectations of 7.7% and the upper limit of the SA Reserve Bank’s target range of 3%-6%. Neil Roets, CEO of Debt Rescue, says South Africans are starting to “feel out of control financially”… but he also has harsh words for the retail sector which, he believes, may be guilty of “price gouging”.
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“When businesses that profit the most are contributing to the demise of their customer – among them their own neighbours, friends and associates – it is safe to say we are in trouble with a capital ‘T’,” he warns.
Those are serious claims to make and even if they are only partly true, there needs to be an urgent – and thorough – investigation by the Competition Commission. Making a profit should not be at the expense of human lives.
