The plight of a pensioner who retired twenty years ago using interest on a fixed deposit to provide for himself or herself is illustrated by the cost of a basket of consumer items which cost R100 in early 1983. The cost of that basket shot up to R380 in early 1993, and currently amounts to R815.
During the course of the year, the price of Brent crude oil reached new highs of almost $ per barrel as a result of tight supply and demand conditions as well as geopolitical developments. Since then the markets have stabilised somewhat and prices are currently around $ per barrel.