‘Catastrophic’ rise in petrol prices pushes up SA inflation
FNB economist Siphamandla Mkhwanazi said the bank expects inflation to rise to 5.1%, an increase of 0.4% month-on-month. Nedbank economist Tachin Ramnath and Tshepo Moloi, economist at the Bureau for Economic Research, said their forecasts show respective CPI increases of 0.3% and 0.2% month-on-month for September, taking the estimation of headline inflation to 5%.
Food and non-alcoholic beverage inflation increased to 6.9% year-on-year from 6.7%. Stats SA explained that the subcategories driving those pressures in August were meat , vegetables and other foods. Given the sharp oil price rise and a weaker rand so far in October, unsurprisingly, a large petrol price hike is on the cards for NovemberMoloi said the Central Energy Fund, an agency of the department of mineral resources, provided a mid-month update of the domestic petrol price recovery on Friday.
The AA also warned of imminent fuel price hikes, saying it did not expect global oil prices to ease off in the short-term as the northern hemisphere enters the winter period.
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