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.
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.