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According to Consumer Price Index (CPI) data released by Statistics SA on Wednesday, consumer inflation accelerated to 6.3% year-on-year in June, up from 6.1% in May 2016.
The acceleration announced on Wednesday broke a three-month streak of slowing inflation. Prices increased across the board, with the main drivers being food, and housing and utilities. The food price index rose 10.8% in June from a year earlier. Food has consistently been one of the main drivers of consumer inflation, with a long drought one of the main reasons behind rising prices. First National Bank said on Monday, however, that better rains were expected this summer, which would eventually bring relief in respect of food prices.
- See, Inflation hits 6.3% as prices rise across the board, at Fin24
- And also, Consumer inflation remains outside Reserve Bank target ahead of rates call, at BDLive
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