Annual consumer inflation increased to 7.8% in July 2022 from 7.4% in June. Transport, food and non-alcoholic beverages, and housing and utilities continue to place considerable pressure on the annual rate. Bread and cereals, oils and fats, fuel and electricity contributed notably to the reading in July.
Annual consumer inflation held steady at 5. 7% in February 2022, unchanged from January. But food and transport prices put upward pressure on the monthly rate, with the Consumer Price Index (CPI) for the goods increasing by 0.6% between January and February.
The annual consumer price inflation was 5.9% in December 2021, compared with 5.5% in November. It’s the highest recorded annual rate since March 2017, when it increased by 6.1%. Transport prices increased by a massive 16.8%, on the back of rising petrol and diesel prices.
The Consumer Price Index increased to 5.5% in November 2021, compared with 5% in October. That’s the biggest annual increase in almost 5 years. The transport category contributed the most to the inflation in November, recording an annual increase of 15%.
The Consumer Price Index came out unchanged at 5% compared to September. Food and transport costs are the biggest contributors to the rate, with the transport index increasing by 10.9% in October 2021 compared with October 2020. And the SARB has raised its main lending rate by 25 basis points to 3.75%, meaning the prime lending rate of commercial banks will increase to 7.25%.
The headline inflation rate in May 2021 accelerated to 5.2 % year on year. The prices of food, transport, public transport and administered prices continue to drive inflation. Remember that inflation statistics refer to the past twelve months, while wage increases refer to the months to come.