Consumer price inflation hits 13-year high for June

This is bad news for consumers who are struggling to make ends meet.

Image:  ©  rido/ 123rf.com

JOHANNESBURG - Inflation has continued to climb, with annual consumer price inflation at 7.4% for June.

This is up from 6.5% for May on an annualised basis.

When looking at month-on-month inflation, the figure increased by 1.1%.

Stats SA said that this was the highest rate since May 2009, when the figure was 8%.

It said that the main contributors this time were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.

You have been paying more for food and non-alcoholic beverages, which increased by 8.6% year-on-year, and contributed 1.5 percentage points to the total CPI annual rate of 7.4%.

But the biggest rise was transport, which increased by 20% year-on-year, and contributed 2.7 percentage points.

Rising fuel prices have been a major influence on the cost of food and other items.

This is bad news for consumers who are struggling to make ends meet.

The South African Reserve Bank will release its decision on the repo rate on Thursday afternoon, with economists agreeing that another major rise is inevitable.