SOUTH Africa’s annual consumer inflation reached its highest level in 13 years, increasing to 7.8% in July from 7.4% in June, which is the third consecutive month as underlying price pressure increased.
This is according to a statement posted on Statistics South Africa’s website today.
South Africa is currently experiencing the fastest inflation under Lesetja Kganyago’s time as governor of the central bank, and it is still at a level last seen during the global financial crisis.
Key highlights
The consumer price index (CPI) jumped by 1.5% between June and July this year. Based on Statistics SA, this was only the fourth time since 2008 that the monthly increase was 1.5% or higher.
- Food inflation increased by 9.7% year on year in July, up from 8.6% in June. Prices for bread and cereals were 13.7% higher than a year ago.
- Large monthly price increases were observed in a variety of
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