{"id":43257,"date":"2022-06-22T00:00:00","date_gmt":"2022-06-22T00:00:00","guid":{"rendered":"http:\/\/southafricajournal.com\/?guid=d2c2923b92fc6ad201000b86ebaf6eab"},"modified":"2022-06-22T00:00:00","modified_gmt":"2022-06-22T00:00:00","slug":"cpi-reaches-6-5","status":"publish","type":"post","link":"https:\/\/southafricajournal.com\/cpi-reaches-6-5\/","title":{"rendered":"CPI reaches 6.5%"},"content":{"rendered":"
Annual consumer price inflation (CPI) reached 6.5% in May, Statistics South Africa (Stats SA) has revealed.<\/p>\n
The figure is a 0.7% increase from the 5.9% in April and March.<\/p>\n
Stats SA said the increase breaks through the upper limit of the South African Reserve Bank\u2019s monetary policy target range.<\/p>\n
This is the highest reading since January 2017 when the rate was 6.6%, it said.<\/p>\n
The impact of fuel prices <\/p>\n
In a statement, the agency said transport and food and non-alcoholic beverages (NAB) accounted for just over half of the annual rate, with sharp price increases recorded in both categories.<\/p>\n
\u201cFuel, in particular, continues to be a major contributor. If the impact of fuel is removed from the CPI reading in May, the headline rate falls to 5.1% from 6.5%.<\/p>\n
\u201cDiesel 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 \u2013 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.\u201d<\/p>\n
Petrol prices moderated between April and May, edging lower by 0.7%. Despite this decline, petrol is almost 27% more expensive than it was in May 2021, reads the statement.<\/p>\n
Cooking oil prices continue to soar <\/p>\n
During this period, prices for food and NAB jumped by 2.1% between April and May, representing the largest monthly increase since February 2016 when the monthly rise was also 2.1%. At that time, the country was experiencing a severe drought.<\/p>\n
\u201cThe 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%. <\/p>\n
\u201cSunflower oil, the product with the highest weight in the oils and fats group, is almost 40% more expensive than it was a year ago. Prices jumped by 16.1% between April and May,\u201d said Stats SA.<\/p>\n
The monthly rate for bread and cereals was 3.4%, taking the annual rate to 8.4%. Maize meal recorded a monthly increase of 5.1% and a loaf of white bread was 3.7% more expensive.<\/p>\n
Stats SA said annual meat inflation 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 12 months to May.<\/p>\n<\/p>\n
Source: South African Government News Agency<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Annual consumer price inflation (CPI) reached 6.5% in May, Statistics South Africa (Stats SA) has revealed.The figure is a 0.7% increase from the 5.9% in April and March.Stats SA said the increase breaks through the upper limit of the South African Res…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n