Rising cost of living in Africa: South Africa and other countries struggle to keep up
The rising cost of living across Africa is creating serious financial challenges for many households, with key expenses such as food, transport, utilities, and healthcare placing a strain on budgets.
According to the latest mid-2024 data from Numbeo, the following ten countries have the highest costs associated with living: Cameroon, Zimbabwe, Mauritius, South Africa, Nigeria, Ghana, Kenya, Botswana, Morocco, and Uganda.
South Africa has seen a consistent rise in living costs in recent years, with many households struggling to keep up with soaring prices.
Necessities like food, transport, and utilities are increasing faster than inflation, making it harder for people to maintain their standard of living.
According to the September 2024 Essential Food Pricing Monitoring report, the past two to three years have been particularly tough in South Africa, marked by a cost-of-living crisis that has stretched budgets across the country.
While inflation has shown signs of slowing, prices have settled at higher levels and remain a significant challenge for many consumers.
Food prices have been particularly impacted, with the cost of an average food basket rising by over 50% from September 2020 to September 2024. Additionally, high oil prices have driven up transportation costs, further contributing to the financial strain faced by South Africans.
As the cost of living in South Africa continues to climb, some individuals are turning to gambling in an attempt to make ends meet.
Many gamblers, especially those using online sports betting platforms, report that they are not engaging in gambling for entertainment purposes, but rather to help cover essential costs such as school fees, rent, and daily living expenses.
A survey by Bettabets showed that 70% of gamblers are doing so to supplement their income, with nearly half citing financial pressure as the primary motivation.
The rising cost of living is not unique to South Africa. Countries such as Cameroon, Zimbabwe, Mauritius, and Nigeria are also facing high living expenses, contributing to growing inequality and slower economic growth across the continent.
