The Strategist

Inflation in South Africa reaches highest in 5 years

06/23/2022 - 06:37

For the first time since January 2017, according to South Africa's national statistics office (SSA), the country's consumer price index finished May at 6.5 percent annualized, exceeding the inflation goal established by the country's central bank (SARB).
Sharply increasing prices in areas like transportation and food had the most influence on the current index. The increase in gasoline costs was the most important of them; if the price of fuel was steady, inflation in the country would have been 5.1 percent.

Diesel fuel prices have grown by more than 45 percent and gasoline prices - by about 27 percent since the beginning of this year alone compared to May 2021.

Since the country was afflicted by a severe drought in February 2016, the price of food has increased at the highest rate. Between April and May, the cost of food and non-alcoholic beverages increased by 2.1 percent, with the cost of oils and fats saw the largest increase (10.1 percent) since 1997. Particularly, the cost of sunflower oil increased by 16.1%. Prices for bread and cereal increased by 3.4 percent over the same time period and by 8.4 percent year to date. In turn, the cost of meat grew by 9.4% from the end of the previous year.



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