Hard-pressed East Coasters bemoan the rising cost of living

There has been another interest rate hike, with the South African Reserve Bank raising the repo rate by 25 basis points on Thursday.

 

There are also looming rises in the cost of fuel and electricity.

 

Many businesses in KZN are also struggling to keep afloat amid the continued power cuts.

 

These East Coasters have told Newswatch they are feeling the pinch.

 

"It's the most disappointing situation in South Africa and the sad thing about it is from us as the users there is nothing that we can do. 

"We are sitting with our hands tied and the government and everybody who is in charge of it and we have no chance. We are sitting ducks, it's just extremely disappointing that our beautiful country is going down every day."

 

Another man said salaries and incomes don't go up when there is an interest rate hike.

 

"At the end of the day, everybody is struggling."  

 READ: Rate-hiking cycle coming to an end, says economist

Another person echoed the frustration expressed by East Coasters.

 

“Not so long ago we were at this point and now we are moving on to a bigger repo rate. It's sad for our generation because our previous generation really messed things up for us and it is clear that we can't afford anything."