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Fin24 reports that annual consumer price inflation increased to 5.1% in July, up from 4.6% in June, Statistics SA announced on Wednesday. This was the highest rate since September 2017.
On average, prices increased by 0.8% between June 2018 and July 2018. Jason Muscat, FNB senior economic analyst, said the July inflation was slightly ahead of the bank's expectation of 5% and commented: "This is the first time the index has breached the 5% mark since September 2017, and while it remains within the SA Reserve Bank's target band, it is beginning to drift from the 4.5% midpoint the central bank would like to see the rate anchored at." Muscat further pointed out that rising transport costs were again the biggest driver of the jump. The other driver of the rise in the headline number was from the housing and utilities component. Inflation amongst most other items was relatively contained.
- Read this report in full at Fin24
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