NATIONAL NEWS - South African consumers are feeling the financial pinch, with the recent fuel increase in addition to their daily household expenses, putting them under pressure.

“South Africans have been burdened with exorbitant tariff increases over the past quarter. As the year progresses consumers may be faced with a few more increases in the upcoming months if global oil prices continue to rise from the current levels,” says Ester Ochse, product specialist, FNB Wealth and Investments.

“Consumers are encouraged to include tariff increases such as the fuel and electricity tariffs in their monthly budgets. This allocation will help ease the financial strain.”

While economic growth is anticipated in the longer term, consumers are advised to manage their expenses by reducing non-essential spending and saving more. Ochse explains that “consumers should understand how the tariff increases affect their pockets”.

The effects on the petrol and diesel increase can be felt far beyond the consumer. “The increase has a knock-on effect for both business and consumers which indirectly affects household expenses and transport.”

“Tariff increases, whether low or high, can cause a strain. This should be part of your working budget, just to ensure you mitigate the risk of not being able to pay for your household expenses,” concludes Ochse.

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