Latest news with #StatisticsSouthAfrica
IOL News
21 minutes ago
- Business
- IOL News
Consumer inflation rises to 3% as beef prices drive food price surge
Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. The consumer price inflation in South Africa has edged upwards, reaching 3% in June after holding steady at 2.8% for the previous two months. This increase in inflation indicates a growing pressure on household budgets, particularly due to escalating costs in the food and non-alcoholic beverages sector. Statistics South Africa (Stats SA) said the consumer price index (CPI) revealed a month-on-month change of 0.3% in June, suggesting that while inflation remains relatively low, it is inching higher due to sharp increases in certain food categories. Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. "Meat – particularly beef – continues to be the main driver of food inflation," Kelly said. "Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak. Stewing beef rose by an annual 21.2%, the fastest pace on record since the current CPI series began in January 2017." However, it was not just beef that has contributed to the rising food inflation. Other unprocessed food items have also shown significant price increases, with fruits and nuts, as well as vegetables, remaining in double-digit inflation territory for the second month in a row. Items such as beetroot, lettuce, and carrots have been particularly hard-hit, further straining the average consumer's wallet. Contrarily, peanuts have shown a slight reduction in price. In a somewhat positive turn, Stats SA said there have been signs of cooling inflation in several other food categories. Notably, prices for white rice, hot cereals, and cold cereals have decreased, which has softened the annual rate for the cereal products category. Though maize meal continues to see high annual increases, its month-on-month change in June was a modest 0.4%, the lowest increase since November 2024. Some dairy products have also experienced price reductions compared to last year. Fresh full-cream milk, fresh low-fat milk, and eggs have all recorded lower prices, resulting in the milk, other dairy products, and eggs index shifting into deflationary territory with an annual change of -0.5%. Despite this annual decline, the monthly rise of 0.3%—the highest since August 2024—shows that consumers are still facing fluctuating prices, particularly in cheese products which have contributed significantly to this increase. As consumers grapple with these rising food prices, the overall increase in the inflation may serve as a warning of potential challenges ahead for the South African economy. BUSINESS REPORT
Bloomberg
an hour ago
- Business
- Bloomberg
South Africa Inflation Hits Four-Month High Before Rate Meeting
South African inflation quickened to a four-month high in June, complicating the central bank's task as it prepares to review interest rates. Consumer prices rose 3% from a year earlier, compared with 2.8% in May, Pretoria-based Statistics South Africa said on Wednesday in a statement on its website. The median estimate of 12 economists in a Bloomberg survey was 3.1%.
IOL News
19 hours ago
- Business
- IOL News
Fast food fuels growth in food and beverage sector
Takeaway and fast-food outlets are driving growth in South Africa's food and beverage sector, according to the latest data from Statistics South Africa. In May, income generated by the overall industry rose in real terms by 4.5% compared to the same month last year, with quick-service outlets contributing the bulk of the increase. Fast food and takeaway chains made the biggest impact on the sector's performance over both the monthly and three-month reporting periods. Statistics South Africa's latest data shows that food and beverage businesses recorded an uptick of 4.3% in income for the three months to May, compared to the same period in 2024. Once again, fast food operators led the way, making the biggest contribution to the growth. In May alone, takeaway and fast-food establishments were the single largest driver of the year-on-year increase in total income across the sector, outpacing restaurants, coffee shops, and catering services. Research from Apollo Reports shows that the fast food and quick service restaurant market was valued at $2 billion, or R35.1bn, in 2022 with an expectation of it growing to R60bn by 2032. The overall food and beverage market is worth almost R7bn, Statistics South Africa's figures show.
IOL News
a day ago
- General
- IOL News
Oops, you sound ancient: phrases boomers use without realising they're out of touch
Whether at work or just down the street, the lingo gap between boomers, Gen Xers, millennials and Gen Zs can feel like a generational chasm. Maybe it's when a teenager in the taxi says 'Skibidi …' and you're still trying to Google what skibidi is. The language barrier between boomers, Gen Xers, millennials, and Gen Zs can feel like a generational chasm , whether at work or in everyday life. There's that one moment when it hits you, you're the aunty now. When an older person says something that feels dismissive to a younger listener, it can unintentionally shut down dialogue. While it might be easy to laugh off 'OK Boomer' moments, experts say these phrases often reveal real generational divides. Sociolinguists say language doesn't just communicate ideas; it communicates values. The differences in the way Baby Boomers, Gen X, Millennials and Gen Z speak have sparked everything from playful memes to serious debates about empathy, privilege, and social change. It's an echo of a world that doesn't exist anymore. Language is more than words; it's power, attitude, and identity. Slang evolves to create belonging. So when your mum says 'Back in my day …' or your uncle lectures you about pulling yourself up by your bootstraps, it's not just an innocent phrase. The differences in the way Baby Boomers, Gen X, Millennials and Gen Z speak have sparked everything from playful memes to serious debates about empathy, privilege, and social change. Here's a closer look backed by research and expert insight at why some classic 'boomer phrases' sound tone‑deaf today, and why these differences matter more than ever. 1. 'Back in my day, we worked hard and didn't complain.' At first glance, it sounds like wisdom about grit. But to many Millennials and Gen Z, it feels like an accusation of laziness. Saying 'No one helped me' ignores the privileges many older generations had: affordable houses, free university education and stable jobs. Millennials and Gen Z are paying off debt for degrees that don't even guarantee work. 2. 'You're just too sensitive.' Often said during debates about race, gender or mental health. It frames caring deeply as weakness. Why does this feel off? Empathy isn't oversensitivity; it's an emotional skill that helps us build healthier communities. 3. 'If you don't like your job, just get another one.' It sounds practical until you see today's hyper‑competitive market, where an entry‑level role may demand years of unpaid internships. Why this isn't the advice you think it is: According to Statistics South Africa, youth unemployment remains above 40%. For many, switching jobs isn't just about choice; it's about survival. 4. 'Why are you always on your phone?' To older generations, constant phone use seems like a disconnection. But to younger people, it's part of life, work, activism and social ties Why it feels off: Ironically, Boomers are now one of Facebook's fastest‑growing age groups, showing that even older generations eventually see the value in digital connection. 5. 'We never needed therapy" The great therapy divide. Another awkward classic: 'We didn't need therapy, we just dealt with it.' For older generations, mental health was whispered about, if at all. But today, younger people talk openly about anxiety, depression and burnout. They want to heal, not hide. The South African Depression and Anxiety Group (SADAG) reports a steady increase in young people seeking help. 'Therapy is not weakness,' says Zane Wilson, founder of SADAG. 'It's resilience in action.' 6. 'I don't see colour.' Meant to show equality, this phrase can erase lived experiences of racism. 'I don't see colour, we're all the same." On the surface, it feels like unity. Not seeing colour can mean ignoring racism. 'We can't fix what we refuse to see.' 7. 'Buy a house instead of renting.' Housing is another hot potato. Older folks will say, 'Stop renting, you're wasting money.' But in 2024, buying a house is out of reach for most young South Africans. The FNB Property Barometer shows that South African home prices have grown faster than wages, making ownership unrealistic for many young adults. 8. 'Stay loyal to one company.' Boomers came up in an era of pensions and long‑term job security. Today, job‑hopping often leads to higher pay and skills. Why it feels off: A 2023 report by Deloitte found Gen Z and Millennials view loyalty differently; they prioritise learning and purpose over tenure. 9. 'Kids today have it so easy.' A nostalgic favourite. Yet each generation faces unique battles. Why it feels off: Yes, some things like Googling anything are easier. But navigating social media pressure, climate anxiety, and economic precarity are challenges Boomers never faced. Language reflects culture, but it can also reinforce blind spots. Recognising why certain phrases hurt or sound outdated isn't about blame; it's about understanding. Every generation thinks the next one is ruining language. But what we're really seeing is society changing.
IOL News
6 days ago
- Business
- IOL News
Retail sector shows resilience amid low inflation and increased consumer spending
Data from Statistics South Africa (Stats SA) on Wednesday showed that the retail sector continued to strengthen in May, with sales increasing by 4.2% year-on-year following an upwardly revised 5.2% advance in April. Image: Zanele Zulu/ Independent Newspapers. The South African retail landscape appears to be on a positive trajectory, buoyed by significantly low consumer inflation, the availability of disposable income from Two-Pot retirement withdrawals, and a notable decrease in fuel prices. Data from Statistics South Africa (Stats SA) on Wednesday showed that the retail sector continued to strengthen in May, with sales increasing by 4.2% year-on-year following an upwardly revised 5.2% advance in April. Raquel Floris, deputy director for distributive trade statistics at Stats SA, said six of the seven retail groups recorded a positive month, largely driven by textiles, clothing, footwear, and leather goods. 'Textiles and clothing and general dealers continued to shine, with textiles and clothing increasing by 12.5% and general dealers by 3.6% year-on-year,' Floris said. 'Together, the two groups pushed overall growth higher by 3.7 percentage points. Food and beverages was the only retail group that was weaker in May, shrinking by 1.9% year-on-year.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading On a seasonally adjusted monthly basis, retail sales rose by 0.1% in May, after an upwardly revised 1.1% increase in April. Retail trade sales increased by 3.5% in the three months ended May compared with the three months ended May last year. Dr Elna Moolman, Standard Bank Group head of South Africa macroeconomic research, said consumer spending remained reasonably robust in May this year as retail sales were 6.3% higher than the same time last year. When we adjust for inflation, retail sales were 4.2% higher in real terms than the same time last year. Moolman said there were, of course, a number of factors supporting consumer spending at this stage. 'They are benefiting from lower interest rates, and in May in particular, we had reasonably low inflation with fuel prices down nearly 15% on a year-on-year basis. Our data also implies that there was a spike in Two-Pot retirement withdrawals early in the new fiscal year,' she said. 'We remain quite constructive about the outlook for consumer spending over the coming months, but as inflation is expected to rise in the coming months, we would expect real or volume growth to start to taper off somewhat, and the spike in Two-Pot withdrawals may also subside.' According to the latest forecast by the Bureau of Market Research (BMR) at Unisa, South Africa's retail trade sales are forecast to increase by 7.0% in nominal terms and 2.0% in real terms in 2025. Drawing on a comprehensive probabilistic macroeconomic model and retail trend analysis, the report signaled cautious optimism for the retail sector, amid easing inflation and interest rates, but warned of structural headwinds including energy instability, water shortages and weak consumer sentiment. 'The 2025 forecast reflects an economy under strain, but not without opportunity,' says Prof Paul Kibuuka, head of the BMR's economic research division. 'Our modelling shows that despite constrained household disposable income and tight monetary conditions in 2023 and 2024, the retail sector is on track to benefit from renewed consumer spending, lower inflation, and gradual improvements in infrastructure and governance.' However, the report cautioned that the recovery was fragile. It warned that persisting risks such as electricity supply shortages, water constraints, global trade uncertainties, and continued high unemployment may blunt household expenditure and investor confidence. 'We cannot ignore the complexity of the challenges South African businesses face,' said Prof Deon Tustin, CEO of the BMR. 'But what the data tells us is that there are strategic openings - particularly for value-driven and digitally agile retailers. Success will belong to those who adapt to changing consumer demands and make smart use of analytics, customer engagement, and omnichannel platforms.' BUSINESS REPORT
