{"id":51602,"date":"2023-07-19T11:08:46","date_gmt":"2023-07-19T11:08:46","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/relief-as-inflation-falls-below-6"},"modified":"2023-07-19T12:32:03","modified_gmt":"2023-07-19T12:32:03","slug":"relief-as-inflation-falls-below-6","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/relief-as-inflation-falls-below-6","title":{"rendered":"Relief as inflation falls below 6%"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Annual consumer price inflation slowed dramatically to 5.4% in June from 6.3% in May.<\/p>\n

The last time consumer inflation was below the Reserve Bank’s maximum target of 6% was more than a year ago, in April 2022. This may help to convince the monetary policy committee not to hike interest rates on Thursday.<\/p>\n

Economists polled by Reuters forecast a decline to 5.6% and June’s inflation data was also the lowest level in 20 months, Statistics SA reported. The CPI increased by only 0.2% from April to June 2023.<\/p>\n

The annual inflation rate for goods was 6.3%, down from 8.0% in May and for services it was 4.5%, down from 4.6% in May.<\/p>\n

Lower fuel prices contributed to the much softer inflation number, with annual transport inflation tumbling from 7.0% in May to 1,8% in June, dragged lower mainly by softer fuel prices. The fuel index was 8.3% lower in June 2023 than in June 2022.<\/p>\n

Food and non-alcoholic beverages prices also cooled for the third month in a row \u2013 from 14% in March to 11% in June. Most food categories saw slower price growth, with some products actually becoming cheaper – the average price of a 750 ml bottle of sunflower oil was R35.57 in June, from almost R44 a year ago, for example.<\/p>\n

But while prices hikes are cooling, most food prices remain far above 2022 levels.<\/p>\n

Statistics SA also reports that prices for sugar, sweets and desserts rocketed from 11.9% to 16.4% in the year to June. Prices for brown sugar (+17.4%), white sugar (up 17.1%) and chocolate slabs (up 16.2%) saw the biggest hikes. Wine (+9.4%) and beer (+5.5%) prices also saw sharper increases.<\/p>\n

The latest CPI number shows that residential rent increased by 2.7% in June compared to a year ago. Over the past quarter, rent prices increased by 1.2% – the biggest hike in almost five years.<\/p>\n

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

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