Latest news with #PietermaritzburgEconomicJustice&DignityGroup
The South African
01-07-2025
- Business
- The South African
July fuel price confirmed - Here's what it means for your wallet
The Department of Mineral and Petroleum Resources released the official fuel price for July 2025. The changes will take effect on Wednesday, 2 July. Petrol 93 and 95 will increase by 55 and 52 cents per litre respectively. Diesel 0.05% and 0.005% will hike by 82 and 84 cents per litre in wholesale price. Illuminating Paraffin will increase by 67 cents and 89 cents per litre. The department said the rand appreciated against the US Dollar in June, which led to a lower contribution to the Basic Fuel Prices. The fuel price increase is attributed to the average Brent Crude oil price increasing from 63.95 to 69.36 US Dollars. The main contributing factor is the recent tension in the Middle East, which raised fears of potential crude oil supply disruptions. The average international petroleum product prices followed the increasing trend of crude oil prices. The department said this led to higher contributions to the Basic Fuel Prices. However, the prices of Propane and Butane decreased slightly. The fuel price increase comes after the latest Household Affordability Index found that zero-rated foods in the household food basket increased by 4.1% in the year to June. The report compiled by the Pietermaritzburg Economic Justice & Dignity Group tracks the monthly prices of basic foods across the country. As a result, many South African have taken to social media to express anger about the price hike, saying they are already struggling to make ends meet. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news
The Citizen
30-06-2025
- General
- The Citizen
Household food basket a little cheaper in June
Although the household food basket cost less in June, it is still too expensive for low-income consumers to afford enough nutritious food. The household food basket was a little cheaper in June, but many of the items in the basket that add protein to the diets of low-income consumers all cost more than in May, while the basket also cost more than it did a year ago in June 2024. According to the key data from the June 2025 Household Affordability Index, the average cost for the household food basket was R5 443.12 in June, after a decrease in the average cost of R23.46 (-0.4%). The basket cost R5 252.77 a year ago, an increase of R190.36 (3.6%). The household food basket is part of the Household Affordability Index compiled by the Pietermaritzburg Economic Justice & Dignity Group from a survey of prices of 44 basic foods from 47 supermarkets and 32 butcheries. The survey is conducted by women from low-income communities in Johannesburg, Durban, Cape Town, Pietermaritzburg, Mtubatuba in northern KwaZulu-Natal and Springbok in the Northern Cape at shops where they shop for their families. ALSO READ: Household food basket shows food prices still increasing Foods in household food basket that cost less or more than in May On June 19, more of the food items cost more, while 25 food items cost less. Food items in the household food basket that cost more include onions (9%), beef (5%), white sugar (2%), stock cubes (2%), chicken gizzards (4%), chicken livers (2%), beef liver (3%), wors (4%), carrots (2%) and tinned pilchards (2%). Food items in the household food basket that cost less in June include potatoes (-11%), butternut (-5%), green pepper (-7%), bananas (-8%), rice (-3%), sugar beans (-2%), curry powder (-3%), full cream milk (-2%), fish (-2%), Cremora (-2%), polony (-4%) and brown bread (-3%). ALSO READ: Steep increase in price of household food basket means more people will go hungry Different household food basket prices in different areas In June 2025, the household food basket cost more in Johannesburg, Pietermaritzburg and Mtubatuba, while the household food basket costs less in Durban, Cape Town and Springbok, which decreased in price: The Johannesburg household food basket cost R38.38 more than in May and R108.97 more than a year ago. The Durban basket cost R115.65 less than in May and R184.39 more than a year ago. The Cape Town basket cost R31.95 less than in May and R296.48 more than a year ago. The Springbok basket cost R107.51 less than in May and R300.47 more than a year ago. The Pietermaritzburg basket cost R96.45 more than in May and R59.35 more than a year ago. The Mtubatuba basket costs R27.59 more than in May and R194.23 (3.7%) more than a year ago. Statistics South Africa's latest Consumer Price Index for May shows that headline inflation was 2.8% and for expenditure quintile 1 was 4.6%, for quintile 4.1% and for quintile 3 3.7%. Food inflation was 4.4%, while Statistics SA's Producer Price Index for April 2025 shows agriculture was 4.7%, with products of crops and horticulture at 7.0% and live animals and animal products at 1.2%. ALSO READ: Household food basket: prices drop, but not for core staple foods Workers earn too little to afford nutritious food in household food basket Mervyn Abrahams, programme coordinator for the group, says the National Minimum Wage is R28.79 per hour, R230.32 for an 8-hour day and R4 836.72 for an average 21-day working month. In June, with 20 working days, the maximum wage for a general worker was R4 606.40. He says workers work to support their family, and for Black South African workers, one wage typically supports 4 people. Dispersed in a worker's family of four, it means every family member gets R1 151.60, far below the upper-bound poverty line of R1 634 per person per month. With the June average cost of a basic nutritional food basket for a family of four persons at R3 809.26, the group, using Pietermaritzburg-based figures for electricity and transport and the average figure for a minimum nutritional basket of food for a family of four, calculates that electricity and transport take up 57.4% of a worker's wage at R2 642.97. ALSO READ: Modest decline in essential food prices but savings not always passed on Transport and electricity take up more than half of workers' wages Low-income workers only buy food after paying for transport and electricity, leaving R1 963.43 for food and everything else. Therefore, the group calculates that workers' families underspent on food by a minimum of 48.5% as they have R1 963.43 left over after paying for transport and electricity. Abrahams says with food for the month costing R3 809.26, there is no possibility of a worker being able to afford enough nutritious food for her family. 'If the entire R1 963.43 went to buy food, then for a family of four, it would provide R490.85 per person per month, again far below the food poverty line of R796 per person. In June, the average monthly cost to feed a child a basic nutritious diet was R970.89, while the Child Support Grant of R560 was 30% below the Food Poverty Line of R796 and 42% below the average monthly cost to feed a child a basic nutritious diet (R970.89).
TimesLIVE
27-06-2025
- Business
- TimesLIVE
Despite VAT exemption, some zero-rated food prices increased in past 12 months
Despite being exempt from VAT, the prices of some zero-rated foods increased by 4.1% over the past 12 months. The latest Household Affordability Index report, compiled by the Pietermaritzburg Economic Justice & Dignity Group (PMBEJD), found zero-rated foods in the household food basket increased by R113.66 (4.1%) from R2,775.45 to R2,889.11 in the year to June. It tracks the prices of 44 basic foods from 47 supermarkets and 32 butcheries in Johannesburg, Durban, Cape Town, Pietermaritzburg, Mtubatuba in northern KwaZulu-Natal and Springbok in the Northern Cape monthly. Basic food items like brown bread, rice, samp, mealie rice, vegetables and fruit are zero-rated for VAT, meaning they are taxed at a 0% rate to make them more affordable for consumers. In May certain offal and tinned or canned vegetables were added to the list. According to the report: in June 2024, 30kg of maize meal cost R301.28 while it cost R351.60 a year later; a 5kg bag of samp rose from R62.11 to R73.14; five litres of cooking oil from R149.75 to R158.65; six cans of pilchards increased from R151.15 to R154.28; and 25 loaves of brown bread rose from R378.66 to R381.01. The report states foods subject to VAT increased by R76.70 (3.1%) from R2,477.32 to R2,554.02. 'Twenty-two of the 44 foods in the total household food basket are subject to VAT. Foods subject to VAT make up 47% of the total cost of the household food basket. VAT on the total household food basket came to R333.13 in June,' the report said. 'This means 6.1% of the household food basket is made up of VAT. A tax of R333.13 is nearly the same cost of an average low-income household's requirement of 30kg maize meal per month. 'The total rand value of VAT on basic food stuffs is very high and removes money from the purse that could be spent on more food.' Overall the cost of a basic nutritional food basket for a family of seven increased by 3.9% (R249.15) from R6,403.10 to R6,652.25. Mervyn Abrahams of PMBEJD said in June families living on low-incomes may underspend on basic nutritional food by a minimum of 18%. As financial and economic circumstances worsen, so too does household health and nutrition. The gap between what women are able to buy and what they need to buy for proper nutrition widens Mervyn Abrahams of PMBEJD Of the 44 foods tracked in the basket, 19 foods increased in price. Foods that increased in price by 5% or more include onions (9%) and beef (5%). 'Households living on low incomes change their purchasing patterns in response to changes in affordability conditions,' said Abrahams. 'On low incomes, women buy the core staple foods first so that their families do not go hungry and for basic meals to be prepared. Where the money remaining is short, women have no choice but to drop foods from their trolleys or reduce the volumes of nutritionally rich foods in their trolleys.' This had negative consequences for health, wellbeing and nutrition, he said. 'As financial and economic circumstances worsen, so too does household health and nutrition. The gap between what women are able to buy and what they need to buy for proper nutrition widens.' The report states that the national minimum wage (NMW) 'is a poverty wage — it hurts workers, it reduces productivity in the workplace, and slows down economic growth. 'The maximum wage of R4,606.40 this June when disbursed in a family of four people is R1,151.60. This is below the upper-bound poverty line of R1,634 per capita per month. Set at such a low level, the NMW works to institutionalise the low-baseline wage regime and lock millions of workers into poverty. 'Small annual increments off such a low wage base (in rand value) — and which do not reflect inflation levels as experienced by workers, nor the actual cost of worker expenses — means that workers on the NMW are getting poorer each year. 'The minimum shortfall on food for a family is 48.5%. After paying for transport and electricity, workers are left with R1,963.43. If all of this money went to food, then for a family of four it would provide R490.85 per person per month. The food poverty line is R796 per person per month.'
IOL News
18-06-2025
- Business
- IOL News
Old but gold: DRDGold still digs profit from a century of dirt
A few years after the JSE was formed to list companies that were rushing to pull gold out of the mine after it was discovered in 1886, DRDGOLD listed on the bourse. Image: Gerd Altmann/Pixabay A few years after the JSE was formed to list companies that were rushing to pull gold out of the mine after it was discovered in 1886, DRDGold listed on the bourse. It's now the oldest company still listed, having offered its shares to the public in 1895. Its operations have shifted over time, and it is now pulling gold dust out of mine dumps, which were the result of more than a century of mining and dumping the left-over dirt on the edges of mines. Initially, DRDGold, formerly Durban Roodepoort Deep, operated underground mines before transitioning completely from deep level underground mining to the large-scale retreatment of mine dumps and tailings dams. Although there is no information as to how much its stock was worth when it listed, IOL's calculations show that a R10,000 investment into the company five years ago would have reaped an additional R3 708 if dividends were reinvested. Although that's a return of 37.08% over the past decade, it's far less than the bourse's ALSI gain of 75.5% over the same period and worth only two-thirds of the average basket of household items based on May figures from the Household Affordability Index, published by the Pietermaritzburg Economic Justice & Dignity Group. And, reinvesting dividends doesn't make much of a difference, because the total gain is only R3 582, a return of 35.83%. The Pietermaritzburg Economic Justice & Dignity Group's report indicated that the national minimum wage in May, based on 21 working days, is R4 836. The average cost of a household food basket, in the same month, is R5 466. In DRDGold's May press release on its operating performance for the quarter to end-March, it noted that it was celebrating its 130th anniversary of being listed. CEO Niel Pretorius, said in the statement: 'The idea of rolling back mining's environmental legacy aligns with the values of our people. Our people are not only working for the next month or year, but they are also working for the next generation and towards a better future. This is what sustainability is all about.' 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 Macrotrends' information indicates that the all-time high DRDGold stock closing price was 48.32 on March 11, 1997. The discovery of gold on a Transvaal farm, Langlaagte, on the Witwatersrand in 1886 by two prospectors was a turning point in South African history. It changed South Africa from an agricultural society to become the largest gold producer in the world – although it has since lost this crown and isn't even in the top ten producers globally. China is now in first place in terms of gold producers. IOL
IOL News
11-06-2025
- Business
- IOL News
Proceeds from a 5-year R1,000 investment in FirstRand shares is now worth 25% of groceries
IOL's calculations show that, without reinvesting dividends, your shares would be worth about R1 785. Image: Ai If you invested R1 000 in FirstRand shares five years ago and reinvested all dividends (excluding the effects of inflation), your investment would now be worth about R2 378. This includes both share price appreciation and the compounding effect of reinvested dividends. That gain, of R1 378, is the equivalent of a quarter of the cost of an average food basket, based on May figures from the Household Affordability Index, published by the Pietermaritzburg Economic Justice & Dignity Group. The Group's report indicated that the national minimum wage in May, based on 21 working days, is R4 836. The average cost of a household food basket, in the same month, is R5 466. The Pietermaritzburg Economic Justice & Dignity Group's food basket tracks 44 basic food items, including a range of essentials like maize meal, potatoes, tomatoes, bananas, and various other fruits and vegetables, as well as staples like bread and milk. IOL's calculations show that, without reinvesting dividends, your shares would be worth about R1 785. Overall, dividends earned and reinvested over the period contributed an additional R593 to your investment value. This calculation is based on a five-year share price increase of about 78.7% and an average annual dividend yield of roughly 5.9%, with dividends reinvested each year. In contrast, the JSE's All Share Index has climbed some 81% over the same period. 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 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. Next Stay Close ✕ Dr Azar Jammine, director and chief economist at Econometrix, pointed out to IOL that the Index was worth some 7 000 points at the turn of the century and is now heading towards 100 000. FirstRand started out as FNB, which claims to be South Africa's oldest bank. Its history can be traced back to the Eastern Province Bank formed in Grahamstown in 1838. Initially the Eastern Province Bank, FNB was established in Grahamstown and initially focused on financing the wool export boom in the district. It later hit a wobble and was acquired by the Oriental Bank Corporation in 1874, which was later bought out by the Bank of Africa in 1879. IOL
