Surge in fuel prices likely to put pressure on inflation | IOL Business Report

JOHANNESBURG - The surge in fuel prices this month will likely see consumer inflation tick up after inflation subsided to 4 percent year-on-year in January from 4.5percent in December on account of lower fuel prices at the time. The Department of Energy said yesterday that motorists would have to pay 74cents a litre more for petrol and 91c a litre more for diesel from tomorrow, due to rising oil prices which offset a stronger local currency last month.

Analysts from Momentum Investments said upward revisions to inflation in the near term could be attributed to the Eskom electricity tariff risk and volatility in the oil price. “The rise in tolls by Sanral, on top of the fuel price hike, is going to affect all South Africans thanks to the fact that most freight is now transported by road, because of the total collapse of the freight rail network under the stewardship of a corrupt and bankrupt Prasa,” Roodt said.

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