Inflation for oils and fat shoots up to highest in a decade
The Consumer Price inflation (CPI) decreased for the second month in a row from 5.3% in May and 4.9% in June to 4.6% in July.
"The main drivers behind July's increase were alcohol, municipal service charges, fuel, and medical insurance," says Statistics South Africa's Patrick Kelly, Chief Director for Price Statistics.
Kelly says the food and nonalcoholic beverages category was the largest contributor to annual inflation with price rises remaining steady at 6.7%, unchanged from June and May.
"Meat, oils, and fat continue to exert upward pressure with meat prices rising by 9.4% over the past 12 months," adds Kelly.
He says meat prices have steadily climbed since August 2020 and are currently at their highest level since March 2018.
Inflation for oils and fat also continues to escalate reaching an annual rate of 22.4% which is the highest in almost 10 years.
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