10 years ago, the rand was much stronger than what it is today and South Africans paid far less for imported goods.
In April 2007, the local currency was trading at around R7.00 to the US dollar – compared to April 2017’s figures of around R14.00.
The stronger rand in 2007 meant that imported goods – like televisions, computers, and smartphones – were relatively more affordable.
The full effect of the current weakening rand will only be felt in a few months’ time, and consumers can expect most industries to be affected.
Even products which are produced locally are expected to see price increases, as higher fuel prices increase transport costs.
It is not all doom and gloom, however. Advances in technology have seen the price of many computing products decrease and Internet connectivity is much cheaper than what it was a decade ago.
The graphic below provides an overview of how the price of products have changed in South Africa over the last 10 years.