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Financial News: South Africa Inflation Highest Since January 2017

South Africa Inflation Highest Since January 2017

06/22/2022 - 06:46:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation accelerated at a faster-than-expected pace in May to reach its strongest level in nearly five-and-a-half years, figures from Statistics South Africa showed on Wednesday.

The consumer price index climbed 6.5 percent year-over-year in May, following a 5.9 percent stable rate of increase in April. That was above the 6.2 percent rise expected by economists.

Further, this was the highest inflation rate since January 2017, when prices had grown 6.6 percent.

Prices for food and non-alcoholic beverages grew 7.6 percent annually in May, and housing and utility costs rose 4.9 percent.

Transport costs alone surged 15.7 percent and charges for miscellaneous goods and services were 3.9 percent higher in May compared to last year.

In March, inflation for goods quickened to 9.5 percent, while that for services rose slightly to 3.6 percent.

On a month-on-month basis, consumer prices rose 0.7 percent in May, while the expected increase was 0.3 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, rose 4.1 percent in May. Economists had forecast a 3.9 percent rise for the current month.

On a monthly basis, the core CPI edged up 0.2 percent in May.

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