The main contributors to the 6.5% annual inflation rate were food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.
The latest inflation figure has broken through the Reserve Bank’s 3 to 6 target band, raising the likelihood of a high interest rate hike in July.Transport and food and non-alcoholic beverages accounted for just over half of the annual rate, with sharp price increases recorded in both categories. Fuel, 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%.The average price of a litre of diesel in May 2021 was R16.20, meaning it cost R729 to fill a 45-litre tank.Consumer Price Index Document:
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Stats SA are not correct inflation is higher