The March 2024 Household Affordability Index, which meticulously tracks the prices of 44 essential food items across various locations, sheds light on the current state of household expenses in South Africa.
Covering Johannesburg, Durban, Cape Town, Pietermaritzburg, Mtubatuba, and Springbok, the Index provides critical insights into the affordability of basic necessities.
Key Findings from March 2024:
Average Cost of Household Food Basket: R5 277.93
Month-on-Month Increase: R0.63 (0.0%)
Year-on-Year Increase: R311.72 (6.3%)
Food Pricing Trends:
March 2024 data indicates a slight uptick in the total cost of the average household food basket. While 28 food items experienced price increases, 16 items saw decreases.
Notably, certain items witnessed significant price hikes, including curry powder (6%), fish (8%), tomatoes (12%), and cabbage (12%).
Conversely, some items decreased in price, such as carrots (-7%), butternut (-20%), apples (-6%), and oranges (-22%).
Regional Variations:
Johannesburg: Increased by R29.76 (0.6%) month-on-month and R367.07 (7.3%) year-on-year.
Durban: Decreased by R18.83 (-0.4%) month-on-month and increased by R372.71 (7.7%) year-on-year.
Cape Town: Increased by R47.55 (0.9%) month-on-month and R230.83 (4.7%) year-on-year.
Springbok: Increased by R288.84 (5.2%) month-on-month and R432.71 (8.0%) year-on-year.
Pietermaritzburg: Decreased by R1.91 (-0.0%) month-on-month and increased by R229.78 (4.7%) year-on-year.
Mtubatuba: Decreased by R12.34 (-0.2%) month-on-month and increased by R225.50 (4.4%) year-on-year.
Impact on Workers:
The National Minimum Wage of R27.58 per hour, effective from March 1, 2024, presents challenges for workers.
With expenses rising by an estimated 9.8%, the wage increase of 8.5% falls short, exacerbating the gap between wages and the actual cost of essential expenses for a family of four.
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