STATISTICS South Africa has published its latest consumer price index, showing that annual consumer price inflation remains above the upper limit of the Reserve Bank’s target range for a fourth consecutive month.
Annual consumer price inflation was 7.6% in August 2022, down from 7.8% in July 2022. The consumer price index increased by 0.2% month-on-month in August 2022.
Consensus among economists polled by Bloomberg was for a rate of 7.5%, while more optimistic analysis from the Bureau for Economic Research pegged the rate at 7.3%.
A more positive angle on the number is that annual inflation has dropped from the figure reported in July 2022, indicating that inflation could start a downward trend, having peaked as some economists projected.
The reality, however, is that the rate remains among the highest readings since May 2009 (8%), and key items in the basket that have the biggest impact on household budgets
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