Reuters
South Africa's consumer confidence plunged in the first quarter, according to a survey released on Thursday, as the country continued to be plagued by severe power shortage and a cost-of-living crisis. The consumer confidence index, sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, slumped to a reading of minus 23 points, from minus 8 points in the fourth quarter of 2022. The first-quarter plunge is the lowest on record since 1994 and indicative of extreme concerns among consumers about South Africa's economic prospects and their household finances, according to the survey.