Inflation hits 7.4% as South African Reserve Bank weighs steeper repo rate hike - Consumer inflation surged again, after piercing the South African Reserve Bank’s ceiling for the first time in five years
accelerated to 7.4% year-on-year in June, as elevated food and fuel prices continue to choke consumers.’s numbers, consumer inflation recorded another steep rise after surging to 6.5% in May. At 7.4%, inflation has risen to its highest rate in over a decade.’s 3% to 6% target range in five years. Consensus expected inflation to accelerate at a slightly slower rate in June, forecasting 7.3%.
“Decreases offer immediate relief but increases filter into the economy over time, especially as those sectors affected by them don’t immediately adjust their prices downward but instead wait for more consistent fuel cuts that lower their input costs,” the association noted“We stand by our call that a review of the fuel price structure, and an audit of the components that comprise the fuel price, is essential and long overdue to offer sustainable solutions that mitigate against rising fuel...
With domestic inflation continuing to surprise on the upside, and as central banks in advanced economies have tended towards a more hawkish stance, South Africa is in for another repo rate hike. The Reserve Bank is expected to follow up the 50 basis point hike in May with a similar move. But some — such as the
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