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IOL News
3 days ago
- Business
- IOL News
Soaring living costs add over R21,000 a year to household bills
Statistics South Africa's latest inflation publication, for the May 2025 period, shows that the consumer price index was 2.8% on a yearly basis last month. This compares well with a year ago, when it was 5.2%. However, inflation compounds and items keep going up every month. Image: Kampus Production Even though the increase in the cost of living has slowed substantially over the past year, declining by 2.4 percentage points year-on-year, your average monthly bills will still, in theory, have increased 2.6% between last May and now – adding R21 000 to bills over a year. However, Numbeo figures show that Johannesburg is among the cheapest cities in which to live, with only Delhi (India) and Rio de Janeiro in Brazil having a lower index. Statistics South Africa's latest inflation publication, for the May 2025 period, shows that the consumer price index was 2.8% on a yearly basis last month. This compares well with a year ago, when it was 5.2%. However, inflation compounds and items keep going up every month. 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 ✕ Based on a basket of goods the average South African may be spending their money on each month, and taking compounding into account against the base price, every day items will have cost R1 808 more than a year ago. The figures were worked out using a nifty inflation adjustment calculator. This is based on the most recent prices for this year, so it doesn't take cost variations into account. Even without historical price data on items such as DSTV Compact Plus not being readily available, the increase amounts to R21 702 over the year. And that's allowing for lower price hikes of one item offsetting the increase in others somewhat. It's worse if you smoke or drink – those items on average went up year-on-year by 4.3%. If your weekend party stash of drink cost R1 000 last May, it went up by R43. That, based on advertisements from liquor stores, is worth almost half the cost of a six pack of beer. Investec economist Lara Hodes breaks down the contributors to May's inflation print. 'Within the food basket, meat price inflation, which holds the highest weighting rose to 4.4% year-on-year from 3% year-on-year in April,' she wrote in a note. Moreover, Hodes wrote, oils and fats prices increased 5.6% year-on-year, while the price of fruits, nuts, and vegetables jumped between 10.3% and 13.5% year-on-year. The good news is that the rate of increase in the cost of living was in line with economist's consensus. IOL
IOL News
26-05-2025
- Lifestyle
- IOL News
Rural bliss or urban hustle: the secret to flourishing in your golden years
Older adults in rural communities reported stronger relationships with family, neighbours, and local groups. T Image: Kampus Production/pexels When we think about ageing well, many of us picture peace, good health, and being surrounded by loved ones. But where we live, whether in the quiet of rural landscapes or the fast pace of urban cities, can shape how we experience our later years. A recent study out of Mongolia has uncovered the key factors that help older adults not just survive, but flourish in these different environments. And while the research is Mongolian, the findings ring deeply true for South Africa, where the contrasts between rural and urban life are just as pronounced. 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 ✕ What does flourishing mean? Before diving into the findings, it's important to understand what researchers mean by flourishing. It goes beyond simply being free from illness. Flourishing refers to a deeper state of well-being that includes having purpose, feeling connected to others, and enjoying good mental and physical health. In the words of psychologist Martin Seligman, a leading voice in positive psychology, flourishing includes 'positive emotion, engagement, relationships, meaning, and accomplishment'. In short, it's about living a life that feels good and meaningful. In the study Sociodemographic predictors of flourishing among older adults in rural and urban Mongolia, researchers found that various factors, including education, income, community support, and even diet, played a role in how well people aged. They surveyed 304 older adults, making sure to reflect both rural and urban demographics fairly. Though this study was done in Mongolia, South Africans can relate to the rural-urban divide. In many parts of the country, older people in rural areas face limited access to healthcare, income opportunities, and transportation. Yet, they often report higher levels of emotional well-being, strong community ties, and spiritual engagement. On the other hand, older adults in urban centres might have better access to doctors, shops, and social grants, but may also deal with isolation, crime, and fast-paced environments that can impact mental health. According to Statistics South Africa's 2022 General Household Survey, about 9% of South Africans are aged 60 and older, with many continuing to live in rural areas after retirement. But are they truly flourishing? This is where the study becomes relevant. Flourishing refers to a deeper state of well-being that includes having purpose, feeling connected to others, and enjoying good mental and physical health. Image: Gustavo Fring /pexels
