JOHANNESBURG– South Africa’s Consumer Price Index (CPI) has ticked up once again to 5.1 per cent in July from 4.6 per cent in June and above expectations of economists.
According to the latest monthly report from Statistics South Africa (Stas SA), transport costs were the key contributors to the higher inflation rate following the rise in fuel prices.
The CPI measures the rate at which prices increase. Fuel prices have been steadily increasing since April because of a combination of higher global oil prices, higher fuel taxes and a weakening Rand.
On a monthly basis, inflation rose to 0.8 per cent in July from 0.4 per cent in June.
Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol, and energy, also rose to 4.3 per cent year-on-year in July from 4.2 per cent in June.
This has prompted the government to study strategies aimed at cushioning consumers from the impact.
Source: NAM NEWS NETWORK