CPI soars to 7.4%

South Africa’s annual consumer price inflation (CPI) reached 7.4% in June 2022, Statistics South Africa (Stats SA) says.

This is a 0.9% increase from the 6.5% recorded in May 2022.

Statistician General Risenga Maluleke on Wednesday said this was the highest rate since May 2009 when the rate was 8.0%.

“The consumer price index increased by 1.1% month-on-month in June 2022. The main contributors to the 7.4% annual inflation rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services,” he said.

Food and non-alcoholic beverages increased by 8.6% year-on-year, and contributed 1.5 percentage points to the total CPI annual rate of 7.4%, said Stats SA.

“Housing and utilities increased by 5.1% year-on-year, and contributed 1.2 percentage points. Transport increased by 20.0% year-on-year, and contributed 2.7 percentage points. Miscellaneous goods and services increased by 4.0% year-on-year, and contributed 0.6 of a percentage point. In June, the annual inflation rate for goods was 11.0%, up from 9.5% in May; and for services it was 3.9%, up from 3.6% in May,” it said.