{"id":34020,"date":"2022-07-20T18:16:39","date_gmt":"2022-07-20T18:16:39","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-surges-to-7-4-highest-in-13-years"},"modified":"2022-07-20T18:31:27","modified_gmt":"2022-07-20T18:31:27","slug":"inflation-surges-to-7-4-highest-in-13-years","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-surges-to-7-4-highest-in-13-years","title":{"rendered":"Inflation surges to 7.4% – highest in 13 years"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Annual consumer inflation spiked to 7.4% in June, from 6.5% in May, Stats SA reported on Wednesday.<\/p>\n

The June rate is the highest inflation recorded since May 2009 (8.0%), following the global financial crisis.<\/p>\n

Consumer prices increased by 1.1% from May to June, reflecting much pricier fuel. Fuel prices were 45.3% higher in June than the year before – the biggest increase on record.<\/p>\n

Prices of food and non-alcoholic beverages surged by 8.6% year-on-year in June. Stats SA says this is the highest rate since March 2017, when South Africa was hit by a severe drought.<\/p>\n

Bread and cereal products were 11.2% more expensive than a year before. In a single month, maize meal prices rose by 5.2%, while prices for brown bread (3.2%) and macaroni (3.0%) also rocketed.<\/p>\n

Meat prices increased by 9.5% in the year to June, with polony 19% more expensive than a year ago, Stats SA reported.<\/p>\n

Prices for oils and fats were almost 33% higher than a year before.<\/p>\n

Inflation is now far above the South Africa Reserve Bank’s (SARB) inflation target range of between 4% to 6%, and may convince the monetary policy committee to hike interest rates by a heftier margin on Thursday.<\/p>\n

The consensus expectation is a hike of at least 50 basis points, while some economists think a 75 basis points increase is likely.<\/p>\n

The June inflation rate came in above expectation, with 7.3% the median forecast among 17 economists polled by Bloomberg.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Annual consumer inflation spiked to 7.4% in June, from 6.5% in May, Stats SA reported on Wednesday. The June rate is the highest inflation recorded since May 2009 (8.0%), following the global financial crisis. Consumer prices increased by 1.1% from May to June, reflecting much pricier fuel. Fuel prices were 45.3% higher […]<\/p>\n","protected":false},"author":84,"featured_media":34019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,899,1015,1930,812,2775,350,380,275,471],"class_list":["post-34020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-food","tag-inflation","tag-lesetja-kganyago","tag-petrol","tag-repo-rate","tag-russia","tag-sa-economy","tag-south-africa-2","tag-ukraine"],"yoast_head":"\nInflation surges to 7.4% - highest in 13 years - South Africa<\/title>\n<meta name=\"description\" content=\"Annual consumer inflation spiked to 7.4% in June, from 6.5% in May, Stats SA reported on Wednesday. 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