March 2023 – Financial Updates to Prepare Your Budget

Let’s be serious, 2023 has started out to be incredibly tough on our wallets. It is pinching the budget in every corner of the page and forcing us to make difficult decisions to simply get by. 

Last week at midnight the petrol price was increased by 127 cents for both 93 and 95. Diesel was also increased by 30c per litre as well as Paraffin (15c per litre) and LPGAS (533c per kilogram).

To add fuel to the fire we have seen a whopping 6% increase in the price of maize meal which is a staple food among the people of South Africa. Other price fluctuations can be seen below:

While the Reserve Bank has reported a significant drop in inflation to 6.9%, we are still faced with an interest rate of 7.25% and a prime lending rate of 10.25%.

All these March reports have brought many consumers to their knees unable to afford previous luxuries. Social media has shown an increase in search results for bargains and better priced food stores. 

How can you survive the economic onslaught of your wallet? Save as much as you can. Save your food by cooking and freezing leftovers. Choose not to spend money and keep up to date with your financial reports. We bring you the Consumer Pocket on our Money Moves with Debt Rescue YouTube channel every month. When you know your finances better you know what you have to work with. Knowledge is power, and financial knowledge empowers absolutely. 

March 2023 Consumer Pocket Update

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