Consumer inflation soars to 13-year high
Headline consumer inflation in South Africa has reached a level last seen in 2009.
Consumer price inflation jumped to 7.4% in June - up from May's 6,5%.
Statistics South Africa says the June rate is the highest reading since 2009, and well outside the SA Reserve Bank target range of between 3 and 6%.
Soaring food prices and transport services pushed up the annual CPI.
For bread and cereal products, the monthly increase there was 2.6%, with notable price rises for maize meal at 5.2%, brown bread at 3.2% and macaroni at 3.0%.
Meat prices increased by 9.5% in the 12 months to June.
The index for oils and fats registered an annual increase of 32.5% compared with almost 27% in May.
Fuel prices were up by a whopping 45% in June, while monthly increases were recorded for taxi fares at 2.7%, airfares at 7. 1% and long-distance buses at 11.7%.
The latest CPI comes ahead of an announcement by the Reserve Bank’s Monetary Policy Committee on the repo rate.
An announcement is expected on Thursday.
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