Major food and petrol price hike expected

Major hike in food prices and petrol prices are expected and South African consumers have been warned to budget strictly.

According to EWN, Economists are predicting at least a 50 percent hike on the price of red meat because of the drought and an 18 cents increase for a litre of petrol.

Debt Rescue CEO Neil Roets has advised consumers to save as much as they can and seek debt counselling.

“I expect a fuel price increase of about 18 cents a litre, but along with that we’re also seeing an increase in food prices. Meat prices will be going up soon, by about 50 to 60 percent.”

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