Consumer Pocket April 2023 – Financial Updates to Prepare Your Budget

We are officially four months into 2023 and consumers are really feeling the pinch on fuel prices, groceries and of course electricity. In January Nersa granted Eskom an 18.65% electricity increase, and on the 1st of April the second increase of 18.49% came into effect.

This month we have received a welcome decrease in Diesel, paraffin and LPGAS. However, 95 octane petrol had 2 cents increase per litre, and 93 octane petrol decreased by 1 cent per litre. The food basket has been increased by R37.87 overall.

A staple food basket priced by the Pietermaritzburg Economic Justice and Dignity will now cost you R4966.20. The food basket’s increase will pale in comparison to next month’s basket if we look at the current Reserve Banks report. Increases were seen across the board with inflation moving up to 7%, the repo rate steamrolling to 7.75% and speeding ahead, the prime lending rate shot up to 11.25% from 10.25%

What does this mean for your budget? These fluctuations mean that your budget needs careful attention. Be wary of spending frivolously. Rather put money into a savings account instead of spending on non-essential items. We are experiencing extreme pressures on our finances and without careful planning, you may find yourself needing to make unnecessary financial decisions which could have otherwise been avoided.

Make use of the many free resources available on our channel as well as our blog. With the right frame of mind, you can make your budget work for you.

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