Inflation Goes Up For The Third Successive Month, Rises To 5.1%

The consumer price index (CPI) increased for the third successive month, rising to 5.1% in July 2018 from 4.6% in June 2018, Statistics South Africa (Stats SA) said.

The CPI increased by 0.8% on a month on month basis.

Stats SA said this month’s figure is the highest annual inflation rate since September 2017 when it was at 5.1% as well.

The average price of 95 petrol inland has increased by R3.16/litre in the past year.

Food and non-alcoholic beverages inflation showed an annual increase of 3.4%.

Cold beverages registered annual inflation of 8.1% and bottled fizzy drinks increased by 2.7% from last month.

The average price of a 1litre bottle was R14.33 in July compared to R12.99 in July 2017, an increase of 10.3%.

A 330ml can cost R9.79 in July compared to R8.69 in July last year, an increase of 12.7%.

Stats SA said these increases may reflect that the full past through of the VAT increase and sugar tax has reached the consumer.

The agency added that in July each year municipalities increase their service charges, which saw assessment rates increase by a hefty 14.8%, and water tariffs by 11.8%, while electricity fees increased by 6.7%, lower than National Energy Regulator of South Africa’s ceiling increase of 7.3% but more than the 5.3% increase granted to Eskom’s direct customers.

Written by BT

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