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South African consumer inflation rate is still constant, sitting at the 5,9% for the month of April after a detailed Statistics SA (Stats SA) report was issued today, 18 May.
According to Stats SA, the testing upper limit of South African Reserve Bank’s target rate is 6%.
This range was only surpassed by 0,1 percent in March 2017 where inflation was 6,1%.
Fuel prices increased by 2,2% in the months of March and April. Fuel has increased by 29,2% this year.
“Fuel is 29,2% more expensive than a year ago, with inland 95-octane petrol increasing from R17,32 per litre in April 2021 to R21,96 in April 2022.The average price for diesel increased from R16,46 to R21,91 per litre over the same period,” read the report.
Food and non-alcoholic beverages saw a decrease from 6,2% in March to 6,0% last month.
“The monthly rate quickened to 0,7% from 0,6%, with notable increases for oils and fats (up 5,4%), hot beverages (up 1,3%) and meat (up 1,0%). The average price of sunflower oil (750 ml) increased from R31,24 in March to R34,89 in April,” added Stats SA.
Retail trade sales increased by 1,3% y/y in March 2022, with notable gains recorded by pharmaceuticals, medical goods, cosmetics, household furniture and appliances.
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