Business

Rand Turns 60, 14 February

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By Business Reporter

HERE’s what R1 could buy you in 1961, compared to now
• Since the rand was launched in 1961, inflation averaged 8% a year.
• A basket of goods and services costing R100 in 1961, cost almost R9,700 by end-2020.
• Sixty years ago, one rand could buy you ten loaves of bread, 15kg of mealie meal and five packs of cigarettes.
According to research by Statistics SA, in 1961, R1 could buy you:
• Ten loaves of 1kg white bread (store baked), at 9c each. Current price: R15,21 for 700g (sliced)
• Three 5kg cotton bags of mielie meal, at 30c each. Current price for equivalent size: R49,27.
• 1.5kg of fresh chicken, at 70c/kg. Current price: around R58,09 in 2020.
• Three 340g tins of corned beef, at 29c each. Current price of a smaller 300g tin: R27.21.
• Three dozen large eggs, at 34c a dozen. Current price: R37,60.
• 5kg tomatoes, at 20c/kg then. Current price: R20,74c/kg.
• 4kg apples, at 23c/kg. Current price: R15.76/kg.
• More than one pound (450g) of pure ground coffee, at 87c/pound. Two 250g bags today will average R147,38.
• Six pints (570ml) of beer, at 16c each (and 2c refund). Current price for 330ml lager: R14.56 (no refund).
• Five packs of cigarettes, at 19c for a pack of 20. Current price: around R43.

Robert Tapfumaneyi

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