The South African Rand was launched in 1961 on 14 February, which means it turned 60 years old on 14 February this year.
The word ‘rand’ is derived from Witwatersrand, the name of the high escarpment in South Africa, where the country’s economic capital, Johannesburg, is located. According to Business Insider, since the rand was launched, inflation averaged 8 per cent every year. A basket of goods and services costing R100 60 years ago would cost almost R9 700 at the end of 2020. One rand could buy you 10 loaves of bread, 15kg of mealie meal and five packs of cigarettes.
According to Stats South Africa, here are the prices of goods in 1961 compared to 2020 and today:
- 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 R20.74/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.
To find out more about the history of the rand read here. Let us know what you think about this story on our social media pages.
