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Financial News: South Africa Inflation Highest Since 2018

South Africa Inflation Highest Since 2018

06/23/2021 - 09:15:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation rose to the highest since November 2018 driven by fuel and food prices, data published by Statistics South Africa showed on Wednesday. Inflation rose to 5.2 percent in May, as expected, from 4.4 percent in April. This was the highest since November 2018.

Inflation climbed above the 4.5 percent midpoint of the South African Reserve Bank's monetary policy target range.

Core inflation that excludes food and non-alcoholic beverages, fuel and energy, came in at 3.1 percent in May, much lower than the headline rate. This hints at the notable impact that fuel and food inflation has had on overall inflation levels.

Annual food and non-alcoholic beverages inflation accelerated to 6.7 percent in May from 6.3 percent in April. Fuel price growth quickened to 37.4 percent from 21.4 percent.

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