Thebe Mabanga
Consumer inflation rose to 4,5% in May, its highest level since July 2024, as steep fuel-price increases pushed transport costs higher, Statistics South Africa said on Wednesday.
Annual inflation increased from 4,0% in April, while prices rose 0,7% month-on-month in May, Stats SA said.
The main contributors to the annual inflation rate were housing and utilities, which rose 5,3%, and transport, which climbed 9,4%. Each contributed 1,3 percentage points to the headline rate. Insurance and financial services added 0,6 percentage points.
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Fuel prices remained a major driver of the increase. The fuel index recorded a second sharp monthly rise, climbing 14,3% from April and 28,7% compared with May last year.
The data comes as global oil markets weigh a tentative agreement between the United States and Iran, which is expected to be signed on
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