CPI hits 13 year-high at 7.4% for June

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CPI hits 13 year-high at 7.4% for June

Stats SA has recorded the annual consumer price inflation at 7.4% for June. This is up from 6.5 percent for May on an annualised basis.

FILE: © nomadsoul1/123rf.com
  • Stats SA
  • Consumer price inflation
  • Rising fuel prices
  • Inflation with CPI

JOHANNESBURG – Rising fuel prices are taking their toll on inflation with the Consumer Price Index (CPI) at its highest level in 13 years.

Stats SA has recorded the annual consumer price inflation at 7.4 percent for June. This is up from 6.5 percent for May on an annualised basis.

This is the highest rate since May 2009 when the rate was 8 percent, and there are fears that the figure will continue to climb.

Fuel prices have rocketed since February when Russia invaded Ukraine – influencing supplies.

The Reserve Bank will release its decision on the repo rate on Thursday afternoon – with inflation a major determining factor. Governor Lesetja Kganyago has warned that the monetary policy committee will not hesitate to take action if the situation worsens.

The biggest rise in inflation came from transport, which increased by 20 percent year-on-year, and contributed two-point-seven percentage points to the latest figure.

Rising fuel prices have been a major influence on the cost of food and other items.

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