Consumers feel the pinch as inflation hits expected 5% mark
Marietjie Bennett, the director for Price Statistics at the agency, said the increase shows a monthly change of 0.2% in the inflation rate index, making this the fifth consecutive month with annual inflation above the 4.5% midpoint of the SA Reserve Bank monetary policy target range.
“The price of inland 95-octane petrol reached an all-time high of R18.34 per litre in September 2021, biting into the pockets of motorists who were paying R15.18 per litre in September 2020 and R16.03 per litre in September 2019.”Drivers of diesel-powered vehicles have also had to fork out more. The average price for diesel was R17.
City Press reported on Tuesday that the increase in fuel prices had been noted as a concern for the global and South African economy, following higher averaged brent crude oil price at $82.5/bbl so far in October, up from roughly $75/bbl in September.The Automobile Association on Monday warned of imminent fuel price hikes. The association said it did not expect global oil prices to ease off in the short-term because the northern hemisphere is entering the winter period.
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