The cost-of-living index shows how much people spend on basic needs like food, transport, utilities, and healthcare. When these costs are high, they can create serious financial problems for people, slow down economic growth, and increase inequality. Here are Africa’s Top 10 countries with the highest cost of living, based on 2024 mid-year data. South Africa’s cost of living is still a great concern.
Africa’s Top 10
As per the latest data from Numbeo, the following countries are Africa’s Top 10 with the highest cost of living:
1. Cameroon
2. Zimbabwe
3. Mauritius
4. South Africa
5. Nigeria
6. Ghana
7. Kenya
8. Botswana
9. Morocco
10. Uganda
South Africa’s cost-of-living concern
The cost of living in South Africa has been increasing in recent years. Living expenses like transport, electricity, and food are rising faster than inflation in South Africa.
According to the September 2024 Essential Food Pricing Monitoring report, the last two to three years in South Africa have been characterised by a cost-of-living crisis that has stretched the budgets and compromised the well-being of many households.
Although slowing or decreasing inflation is a positive development, the fact of the matter is that prices have settled at higher levels and remain a challenge for many consumers.
The price of an average food basket increased by more than 50% between September 2020 and September 2024. In addition to food prices, high oil prices have increased transport costs.
South Africa’s cost of living leading to gambling
According to a survey by Olemera Financial Services, South Africans are increasingly turning to gambling in the hope of making ends meet. The survey shows that South Africans have spent a massive R1.1 trillion on gambling in 2024 so far, a 40% increase from last year, as reported by eNCA.
A recent survey conducted by online sports betting platform Bettabets showed that almost half of all gamblers are doing so in the hope of meeting rising cost-of-living expenses such as school fees and rent – with 70% saying they gamble to supplement their income, rather than doing so for entertainment purposes.
Have you noticed an increase in your essential costs over the last few years?
Have you had to make any adjustments in your monthly budget to get by?
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