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Fin24 reports that Statistics SA reported on Wednesday that annual consumer price inflation remained unchanged at 5.9% in April 2022.
This was the third time in five months that the rate hit 5.9%. The SA Reserve Bank’s (SARB’s) upper target rate for inflation is 6%. Consumer inflation last breached 6% in 2017. Transport costs in April were 14.7% higher than a year ago due to higher fuel prices. Despite the temporary reduction in fuel levies in April, fuel prices were 29% higher than in April 2021. From March to April, fuel prices increased by 2.2%. Prices of food and non-alcoholic beverages increased by 6.0% year-on-year, which was slightly less than March’s 6.2% increase. Food prices have surged as the fall-out from the Ukraine war disrupted supplies of staple grains and vegetable oil. South African wheat prices are currently at record-high levels. The average price of sunflower oil (750 ml) increased from R31.24 in March to R34.89 in April. The inflation rate will be front of mind when the SARB’s monetary policy committee meets on Thursday. Some economists expect that the committee will hike interest rates by 50 basis points, which if so will be its largest hike since January 2016.
- Read the full original of the report in the above regard by Fin24
- See too, Consumer inflation remains unchanged in April, at BusinessLive
Get other news reports at the SA Labour News home page