The inflation monster is growing. Everywhere. And it couldn’t have happened at a worse time. New Zealand’s inflation this morning surged to 4.9%, the fastest pace in 10 years, and South Africa’s consumer inflation numbers set for release on Wednesday is expected to soar above 5%, reinforcing bets for interest rates to rise.
With Covid claiming loved ones, many of whom were breadwinners, and lockdown restrictions cutting into earnings while rising food, fuel, medical, borrowing and other costs put more pressure on the purse, it is no wonder our mental health is caving.
Numbers from the South African Depression and Anxiety Group (Sadag), a non-profit that provides mental health services and offers free counselling lines and support, tells a shocking story: Their suicide helpline received 85,516 calls – that amounts to 2,200 calls per day for the past nine months from people with suicidal thoughts, reports Daily Maverick.
Globally, a study earlier this month found that anxiety and depression increased dramatically in 2020, with an estimated 76 million extra cases of anxiety and 53 million extra cases of major depressive disorder than would have been expected had Covid not struck.
Compounding our mental health crisis is a combo of unemployment, inequality and poverty among other factors.
While we ponder what the government may be doing to help alleviate the crisis, Covid has accelerated many digital opportunities, the latest of which is an app, which provides access to free mental health services. The problem is that the masses who need these services are not able to access them. As they campaign for votes, it would serve politicians well to move this to the top of their priority lists.
Meanwhile, in the markets, the rand gave up its Friday gains to trade at R14.71 against the US dollar after poor Chinese growth data and a weak industrial production number placed emerging market currencies on the back foot.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Energy-stricken South Africa weighs need to save climate and keep lights on – AFP
The Gambler: Zuma’s casino spotting provokes strong reactions – Daily Maverick
Hawks release scammer behind R100-million university hack — promptly flees country –MyBroadband
Global Business
China growth slides to 4.9% in third quarter – AFP
Singapore billionaire and Ronaldo try to marry football and tech – Bloomberg
The result of Apple’s new privacy policy? More money for Apple. – Mashable
Markets
Asian markets drop on inflation woes, China growth slows further – AFP
Oil climbs to highest level in years over continuing global energy crunch – Investing.com
Bitcoin optimism offers potential Tesla options trade, RBC says – Bloomberg
Opinion/In-depth
One weakness too many? State’s years of failure enabled the disasters that beset us – Daily Maverick
How sanctioned Zimbabwean billionaire Kudakwashe Tagwirei keeps earning incredible cash – Billionaires Africa
How to put South Africa on a bold, new, successful economic trajectory – Daily Maverick
Video
Nokia re-releases its classic ‘brick’ phone for 20th anniversary – Cover Media
Once a tourist hotspot, Lydenburg now lingers on the brink of decay – EWN
Facebook collected more than 2,200 hours of first-person video to train AI – Cover Media
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