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Fin24 reports that driven mainly by food and fuel prices, annual consumer inflation accelerated to 7.8% in July, up from the already-high 7.4% in June, to reach another 13-year high.
On a monthly basis, the consumer price index (CPI) rose by 1.5% between June and July this year. According to Statistics SA, this was only the fourth time since 2008 that the monthly increase was 1.5% or higher. Annual food inflation rose by 9.7% in July, from 8.6% in June. Bread and cereals prices were 13.7% higher than a year ago. Between June and July, there were large monthly price hikes reported in a range of products, including, maize meal (4.2%), cake flour (6.3%), macaroni (5.0%) and white bread (2.8%). But rice prices fell by more than 3%. Oils and fats saw the biggest price hikes – up 36% in July from a year ago. In July, fuel prices were hiked by more than 10%. This hit transport prices in particular, with taxi fares up 9% in a single month. Taxi fares were 16% higher than a year ago. Petrol was 56% more expensive than it was a year before. The latest consumer inflation rate reflected the annual increase in municipality service tariffs, as adjusted in July every year. Electricity tariffs increased on average by 7.5% – which was lower than last year’s rise of 13.8% but higher than the 2020 increase of 6.3%
- Read the full original of the report in the above regard at Fin24
- See too, Consumer inflation hits 13-year high, at BusinessLive (subscriber access only)
- En ook, Inflasie nou nóg hoër, maar verligting kom, by Maroela Media
Get other news reports at the SA Labour News home page