Lerato Mbhiza
Annual consumer inflation slumped to 4,7% in July from 5,4% in June. This is the lowest reading since July 2021, when the rate was 4,6% , according to Statistics South Africa.
Consumer prices increased on average by 0,9% between June 2023 and July 2023, up slightly from the monthly increase of 0,2% recorded in both May and June .
Transport costs put the brakes on overall inflation, previously a major upward driver of inflation. The transport category helped pull overall inflation down in July, said Patrick Kelly from Statistics SA.
“In 2021 and 2022, overall inflation was mainly pushed higher by transport, and consumer inflation hit a 13-year high of 7,8% in July 2022, with transport contributing 44% (3,4 percentage points) to the headline rate,” said Kelly .
The annual rate for fuel was -16.8. As a practical illustration, if you have a car with a 50-litre tank, you’re
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
