Consumer Pocket May 2023 – Financial Updates to Prepare Your Budget

May is here. With this new month we have new financial challenges for our budgets. The petrol price for 93 and 95 octane fuel has increased by 74 cents per litre. However, diesel, paraffin and LPGAS have all decreased.

Our food basket has increased significantly. Last month our basket of essentials cost around R4966.20 and this month we are looking at a basket of essentials costing a total of R5023, 95. Look at our table below for a detailed breakdown of some of the essentials. To see the complete report from the Pietermaritzburg Economic and Justice Dignity Group, click here.

As if the food basket has not rocked our budget hard, inflation has increased to 7.1%, but we have seen both the repo rate and prime lending rate remain the same. This increase in inflation will be felt in June’s food basket and we will need to see its effect on other areas of our budgets.

For now, keep your budget tight, do not spend on big items right now. Rather choose to save your money as much as possible. Keep up to date with your debt repayments and make sure to follow our How Cheap Can I Eat blogs to get the cheapest yummiest recipes to help you to stretch your money further.

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