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Power hikes squeeze consumers

Business Report 6 November 2012.

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Dramatic increases in electricity tariffs mean that nearly a third of spending by households goes towards housing‚ water‚ electricity‚ gas and other fuels‚ Statistics SA said.

This dwarfs the percentage of income spent on food‚ which accounted for just 12.8% of overall spending‚ it said in an income and expenditure survey for 2010-11.

The figures from this survey will be used as a basis for calculating new weights for the basket of goods and services measured by the consumer price index from the start of next year.

At present‚ the current weights are based on data from an income and expenditure survey for 2005-06.

Transport‚ which would include the rising cost of petrol‚ accounted for 17.1% of overall spending‚ the survey showed.

Miscellaneous goods and services accounted for 14.7% of overall spending. – I-Net Bridge

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