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High consumer inflation leads to economic costs such as hoarding and social unrest, calculating inflation rates involves comparing current prices to base prices, and South Africa faced inflation issues between 2019-2024.
Consequences of high consumer inflation: High inflation can lead to economic costs of hoarding and social unrest. People may rush to buy goods as stores of wealth, causing shortages and disrupting the economy. For example, food price rises contributed to social unrest in Tunisia and Egypt.
Calculating inflation rate for 18 eggs: To determine the inflation rate for 18 eggs, you need the prices from the current year and a base year. Let's say the price of 18 eggs in the current year is [tex]$3 and in the base year was $[/tex]2. The inflation rate would be ((Current Price - Base Year Price) / Base Year Price) 100, ((3-2) / 2) 100 = 50%.
Inflation problem in South Africa (2019-2024): South Africa faced challenges with inflation between 2019-2024 which could include impacts on purchasing power, economic stability, and social structure. The economy might have experienced fluctuations, affecting consumers, businesses, and government policies.
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