A further tightening of monetary policy may further dampen economic activity as consumers hold back on consumption as they struggle to meet their daily needs. How has the cost of living affected your quality of life?
Annual consumer price inflation has slowed to its lowest level since April 2022. It was down to 6.3% in May from 6.8% in April 2023 as food prices started tapering down and fuel prices cooled.
"Food and alcoholic beverage inflation did not contribute to the inflation outcome on the month, despite the weakness of the rand in May as the inflation figures are calculated from the seventh of the month back and so the substantial rand weakness against the US dollar over the full month of May is not included."The inflation rate for food in May dropped to 12% year-on-year from 14.
"In the 12 months to May, the average price of a 2.5kg bag of white sugar increased from R49.68 to R53.00. The average price of a slab of chocolate rose from R17.11 to R20.26 over the same period." Nedbank economist Johannes Khosa said that Wednesday's inflation data suggested that inflation could still decelerate faster than the market's current expectation.We now see inflation dipping into the target band in June, ending the year at 4.9% and averaging 5.9% over the whole year. The downward pressure will continue from receding global inflation, notably sharply lower international oil and food prices.
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