. Figures released by Statistics South Africa show annual Inflation is up 7.8% in July 2022 from 7.4 % in June 2022. The consumer price index increased by 1.5 % in July 2022.
Stats SA says inflation acceleration is being pushed by food and transport costs which increased by 25% year-on-year and contributed 3.4 % points to the COI basket. “So overall when we look at GDP we are expecting growth this year of about 1.7 % and then next year we do expect things to slow down quite significantly as the pressure in this year’s acceleration in inflation. The increase in interest rates slowly starts to weigh on consumers and probably led to slower growth. But at this point we are not seeing any dramatic collapse for South Africa; we are not seeing recession in the mix,” says Weimar.
“Electricity prices were up 7.4% month-on-month and together with the changes to other utilities and fuel cost increases; this explains the increases in administrative prices to 19 percent in July. Fuel price pressures have moderated since July and at the start of August petrol prices were cut by over One Rand per litre and 22 days into the month the over recovery was seating at two rands per litre indicating that another cut is possible in September,” says Mano.
CPI consists of basic house hold basket expenses, and we shop at the same pick n pays and shoprites in Lesotho 😭 same Engen for petrol 😭 same Ackermans 😭 same woolworths 😭 same FNBs. We are even more screwed 😭😭😭🚮
I blame illegal immigrants especially Zimbabweans