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Inflation rate in South Africa continues to rise but, according to Statistics South Africa during the month of May, the inflation rate broke the upper limit of South African Reserve Bank’s monetary policy target.
The latest reports revealed that an inflation rate sits at 6,5% which is an increase of 0,6% compared to April.
“This is the highest reading since January 2017 when the rate was 6,6%,” read the statement issued by Stats SA.
Food saw an increase of 2,1% in the month of May with the oils and fat continues to top the list.
“The oils and fats product group continues to witness sustained levels of high inflation. The annual rate was 26,9% in May, representing the 17th month that the rate has been above 10% (since December 2020).
Prices jumped by 10,1% between April and May, representing the first time since 1997 that the monthly rate was above 10%,” announced Stats SA.
“Annual meat inflation has remained above the 6% mark since November 2020, with the reading for May 2022 at 9,4%. Prices for individually quick frozen (IQF) chicken portions and stewing beef increased by 13,7% and 12,2% respectively in the twelve months to May,” further read the statement.
The report further detailed that fuel remain to be a major contributor to inflation even in May.
“Diesel prices jumped by 8,1% between April and May, taking the annual rate to over 45%. The average price of a litre of diesel in May 2021 was R16,20 – meaning it cost R729 to fill a 45-litre tank. Twelve months later, with the average price at R23,67 per litre, filling the same tank cost R1 065,” said StatsSA.