As it turns out, my suspicions were correct. South Africa has gotten significantly cheaper. During my 2010 visit, the US Dollar (USD) was able to purchase about 7 South African Rand (ZAR). As of today, the dollar can now get 11.16 rand. That is over a 59% devaluation of the rand to the dollar!
To give you an idea of prices, I spent all of December in Australia. While I was there I ate several times at a popular South African chain restaurant called Nando’s.(they specialized in grilled chicken) The average meal at Nando’s in Australia would run me about US$21. The same exact meal at the same exact chain in South Africa was a bit over $7. A similar meal in the US would probably run around $12-15. That meal was also in Cape Town which is probably one of the most expensive cities in South Africa.
I’ve had many meals here in Durban where I never had to pay more than $5. The hotel I’m staying at is rated at 4-stars on Hotels.com (but I’d call it a 3-star). It is located across the street from the beach and is very nice by my standards. I’ve been paying US$38/night.