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Financial News: South Africa Inflation Rises In June

South Africa Inflation Rises In June

07/29/2020 - 07:21:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation rose in June after easing in the previous month, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 2.2 percent year-on-year in June, after a 2.1 percent increase in May. This was in line with economists' expectations.

In June, the country moved from level 4 to level 3 of the Covid-19 lockdown, the agency said.

The main contributions to the annual inflation came from food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 4.2 percent annually in June and housing and utilities cost rose by 4.0 percent.

Prices for transport declined 5.9 percent, while those of miscellaneous goods and services rose 6.1 percent.

On a month-on-month basis, the consumer price index increased 0.5 percent in June. Monthly inflation also matched economists' expectations.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.0 percent in June, as expected. On a monthly basis, the core CPI rose 0.3 percent in July.

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