JOHANNESBURG - Over the past year, fuel prices have surged by a whopping 43%.
That’s just one of the pressures facing Finance Minister Enoch Godongwana as he prepares to deliver the Medium-Term Budget Policy Statement on Wednesday.
The Medium-Term Budget Policy Statement is often called the mini-budget.
Unlike the February Budget, it generally does not announce major changes to taxes or social grants.
READ: Expectations of credit rating upgrade grow ahead of Medium-Term Budget
Instead, it updates government’s economic outlook and spending plans over the medium term.
But there’s nothing mini about this year’s statement.
The conflict in the Middle East has put renewed pressure on South Africa’s economy.
Instead of inflation easing as expected, fuel prices are surging and the cost-of-living crisis is back in focus.
- The eNCA Business Desk takes a look at what’s at stake.