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Annual inflation sees a slight increase

Stats SA says this is an increase of point-three percent compared with the annual rate for June.

FILE: The local currency is still trading at record lows of around R20,21 to the pound and R12,92 to the dollar. Picture: Christa Eybers/EWN.

JOHANNESBURG - Inflation has increased slightly coming in at five percent for July.

Stats SA says this is an increase of point-three percent compared with the annual rate for June.

Stats SA says that on average, prices increased by one percent from June to July.

With inflation moving from 4,7 to five percent, there are concerns that the figure is moving close to the edge of the Reserve Bank's target of three to six percent.

Following a Monetary Policy Committee meeting last month, Reserve Bank Governor Lesetja Kganyago warned that the repo rate may have to be adjusted again.

He raised the rate by 25 basis points increase which saw added pressure on consumers.

He warned that a volatile exchange rate and rising inflation may leave the bank with no choice with regards to rates.

The local currency is still trading at record lows of around R20,21 to the pound and R12,92 to the dollar.