South Africa’s consumer confidence plunged to its lowest level in over three decades in the second quarter of 2022, barring the sharp drop during the height of Covid-19. The economic ramifications of Russia’s war in Ukraine, soaring petrol prices, escalating inflation, high interest rates and the non-payment of the R350 social relief of distress (SRD) grant were all factors in the decline, according to FNB and the Bureau for Economic Research’s (BER’s) Consumer Confidence Index (CCI) released on Wednesday.
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