Rand celebrates 60years, huge changes of basic food pricelist since inception as white bread costs more than a beer
Estimated reading time: 7 minute(s)
Photo: Google
Statistics South Africa (Stats SA) have decided to the court try down memory lane while people around the global set themselves up ready for Valentine’s day this Sunday.
Stats SA reminded people that it was during this month six decades ago where South Africa decided to change their currency from the British Pound to Rand.
Following the adoption of recommendations of the Decimal Coinage Commission in 1958, the British-styled pounds, shillings and pence were replaced by rands and cents at an exchange rate of approximately R2 = £1 in 1961, according to Stats SA.
Stats SA also published shocking reality of how much life has changed over the years, economically.
They say that between 1961 and 2020, prices increased by almost 97 times. What this means is that a basket of goods and services costing R100 in 1961 would have cost almost R9 700 in 2020.
“In February 1961 annual inflation was 1,6%, and the average for the whole of 1961 was 1,9%. The 1960s was a period of generally low inflation, reaching a peak of 4,6% in November 1966. Inflation climbed during the 1970s and 1980s to reach its highest recorded level of 19,7% in September 1986. Annual inflation has averaged 8% in the period since the rand’s introduction.
“The household fuel & light and transport categories were the main drivers of inflation in 1961, both registering annual rates of 3,5%. Food inflation was 2,1%, and clothing and footwear recorded no increase in 1961” said Stats SA.
One of the most disappointing revelations by Stats SA is white bread has gone from being half the price of alcohol to costing more than the price of alcohol.
Below is the pricelist change of some of the basic food over the years:
- A 1kg loaf of white bread (store baked) in 1961 cost 9c, compared with R15,21 for 700g (sliced).
- Mielie meal was available in a 5kg cotton bag for 30c – today an equivalent size costs R49,27.
- Fresh chicken cost 70c a kilogram compared with R58,09 in 2020.
- A 340g tin of corned beef went for 29c in 1961 and a smaller 300g tin cost R27,21 last year.
- A dozen large eggs was 34c in 1961 and is presently R37,60.
- Tomatoes could be bought for 20c/kg then, and now cost R20,74c/kg.
- Apples cost 23c/kg in 1961, and are currently R15,76/kg.
- Pure ground coffee was 87c for a 1 pound packet. Two 250g bags today will average R147,38.
- A pint (570ml) of beer was 16c – and you could return the bottle for a 2c refund! When it’s allowed, you can get a 330ml lager for R14,56 (no refund).
- Cigarettes were 19c for a pack of 20. They now average R43,14 for the same quantity.
