Inflation hits 13-year high in South Africa

South Africa
South Africa

The Consumer Price Index (CPI) in South Africa, a main gauge of inflation, has continued on its upward trajectory.

The data released on the official website of Statistics South Africa showed that CPI jumped by 1.5 percent between June 2022 and July 2022 — only the fourth time since 2008 that the monthly increase was 1.5 percent or higher.

The figures released by Statistics South Africa Wednesday showed that annual inflation increased to 7.8 percent in July 2022, a 13-year high, from 7.4 percent in June 2022.

According to the statistics, transport, food and non-alcoholic beverages, housing, and utilities continue to place upward pressure on the annual rate. Bread and cereals, oils and fats, fuel and electricity all made a notable impact on this month’s reading.

Statistics South Africa said that consumers are feeling the pinch, particularly for non-durable goods — those items bought most frequently, such as food, drink, electricity, fuels, and medicine. Annual inflation for non-durable goods is in double-digit territory, at 14.4 percent. This is much higher than the rates recorded for durable goods (4.8 percent) and services (4.2 percent).

The annual rate for food and non-alcoholic beverages was 9.7 percent in July, higher than the 8.6 percent reading in June, with oils and fats continuing to register the highest annual rate of increase among food products, according to the data by Statistics South Africa. Enditem

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