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News24 reports that in May for the third month in a row, consumer price index (CPI) inflation at 3% remained below the bottom level of the SA Reserve Bank’s target band. CPI came in at 2.8% for May – unchanged from April.
But food prices heated up. In May, food and non-alcoholic beverages were 4.8% more expensive than a year ago – the biggest annual increase in more than a year. Beef was a big contributor, as foot-and-mouth disease, combined with higher feed prices, fuelled price hikes. Annual inflation for meat surged from 3.0% in April to 4.4% in May. Fish prices are also on the rise, with hake 9.1% and fish fingers 6.1% pricier than a year ago. Maize meal (+14%) and samp (21%) were also much more expensive than a year ago. After prices for oils and other fats cooled in recent months, they picked up in May again. Sunflower oil was 7.6% pricier than a year ago and brick margarine 7.9%. Statistics SA noted that vegetable prices were volatile, but that May saw the biggest annual price increase (more than 10%) in 18 months.
Much cheaper fuel kept May’s inflation number in check. Petrol prices were 16% and diesel almost 13% lower than a year before. SA diesel and fuel prices are currently on track for small hikes in the first week of July.
- Read the full original of the report in the above regard by Helena Wasserman at News24 (subscription / trial registration required)
Get other news reports at the SA Labour News home page