President Cyril Ramaphosa has urged South Africans to tighten the belt, saying the attack by the US and Israel on Iran continues to disrupt the global economy, hampering job creation and economic growth.
Delivering the Presidency Budget Vote in the National Assembly on Tuesday, Ramaphosa said the Middle East conflict that has engulfed much of the region has set off a global oil crisis.
The effects of the surge in oil prices - and of other critical supplies like fertiliser - are likely to undermine much of the progress we had made in bringing down inflation and the cost of living, said Ramaphosa.
