Economic Changes That Affect You as a Consumer!
- SA retail petrol prices will increase by 3.6% and wholesale diesel will increase by 4.4% on Wednesday, June 3.
- Petrol will cost R13.36 and diesel will cost R11.67.
- The repo rate will remain at 5.75% for the moment.
- Inflation is expected to average at 4.9% in 2015, increasing from a low of 4.1% in the first quarter.
- If Nersa approves Eskom’s tariff hike request, average inflation is expected to increase by 0.5 percentage points over the year.
- The expected average inflation rate for 2017 is 5.7% and 5.6% in the final quarter.
- Household unsecured credit balances slowed in growth from 6% at the end of March, to 5.8%, year-on-year – the lowest monthly growth y/y, since February 2010.
- This was due to general loans and advances, which makes up 60.8% of household unsecured balances, dropping in growth from 3.7% y/y at end-March, to 2.9% y/y at end-April.
- Household secured credit balances increased in growth from 3.2% y/y at March, to 3.3% at the end of April, year-on-year.
- This was due to higher growth in mortgage balances, which comprises 77.3% of household secured balances.
- 7% increase in public sector wage settlement
- E-toll tariffs reduced from 58c/km to 30c/km for light motor vehicles.
- Monthly cap for light motor vehicles (with and without e-tags) reduced from R450 per month to R225 per month.
- No charges to motorists with less than 30 yearly gantry passes.
- Outstanding e-toll debt to be cut by 60% – rest must be paid back within 6 months.
- Money owed will be capped at R450 for motorists who haven’t paid e-tolls within 30 days.
- Motorists must settle outstanding e-toll arrears to renew their vehicle licences.