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Financial News: South Africa Inflation Highest Since May 2009

South Africa Inflation Highest Since May 2009

07/20/2022 - 05:40:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation accelerated more-than-expected in June to reach its strongest level in just over thirteen years, figures from Statistics South Africa showed on Wednesday.

The consumer price index climbed 7.4 percent year-on-year in June, faster than the 6.5 percent rise in May. That was above the 7.2 percent increase expected by economists.

Moreover, this was the highest inflation rate since May 2009, when prices had grown 8.0 percent.

The main contribution came from prices of food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services, the statistical office said.

Transport costs grew the most, by 20.0 percent, annually in June. This was followed by a 8.6 percent rise in prices of food and non-alcoholic beverages.

Housing and utilities costs grew 5.1 percent and those for miscellaneous goods and services increased 4.0 percent.

In June, inflation for goods accelerated to 11.0 percent, while that for services rose to 3.9 percent.

On a month-on-month basis, consumer prices went up 1.1 percent in June, while they were expected to grow by 0.8 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, rose to 4.4 percent in June. Economists had forecast an increase of 4.2 percent.

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