Consumers Warned of Tough Times

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By Desie Heita

Windhoek

With the economic pressure tightening its choke on households’ disposable income, the only way out is to heed the often-repeated financial tips.

Make a budget and stick to it. Do not spend money on things you do not really need. Do not let yourself suck in debt more than 40 percent of your income.

Monica Kalondo, Chief Executive Officer of Stimulus, and renowned economist Martin Mwinga say it is better to take note of the financial tips, because things are likely to get worse this year.

The price of rice has gone up 237 percent since last year. Price of wheat has gone up 136 percent, maize and corn shot up 125 percent, while other cereals went up 107 percent. The food price index went up 57 percent since January.

The impacts are already visible.

“The value of houses and other properties has gone down to the levels they were two years ago,” said Mwinga.

Yet, the monthly instalment and mortgages have skyrocketed. Two years ago, a monthly instalment on a house valued at N$150??????’??

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