Annual consumer inflation reached another 13-year high, increasing to 7.8% in July from 7.4% in June.
Transport; food and non-alcoholic beverages ; and housing and utilities continue to place upward pressure on the annual rate.
The consumer price index jumped by 1.5% between June 2022 and July 2022 – only the fourth time since 2008 that the monthly increase was 1.5% or higher. Annual inflation for non-durable goods is in double-digit territory, at 14.4%. This is much higher than the rates recorded for durable goods and services .Bread & cereals inflation continues to quicken, with the annual rate rising to 13,7% from 11,2% in June; the monthly increase was 2,4% in July, with large monthly price increases recorded for maize meal , cake flour , macaroni and white bread . Rice bucked the trend, with prices decreasing by 3.1%.
Municipalities increase service charges in July every year. Electricity tariffs increased on average by 7.5%, equivalent to the 7.5% benchmark approved by the National Energy Regulator of South Africa .Together with the rise in electricity tariffs, consumers also had to deal with further fuel price increases. Transport costs were up by 4.8% between June and July, with fuel rising by 9.4%.
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