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Inflation hits 6.3% as prices rise across the board

| Economic factors

Prices increased on average by 0.6% between May 2016 and June 2016, according to data released by Statistics South Africa on Wednesday.

The annual consumer price inflation for June 2016 was 6.3%. This is up from 6.1% reported in May 2016. 

Prices rose across the board. Food and non-alcoholic beverages lifted from 1.6% in the previous month to 1.7%. The index increased by 10.8% from the previous year.

Housing and utilities were up to 0.2%. The increase in transport to 0.2% was mostly due to the 52 cents per litre increase in the petrol price and a 5.1% hike in air fares, the report stated.

In June the consumer price index (CPI) for goods increased by 6.7% from the previous year, up from 6.6% reported in May. This increase is higher than the current 6.1% inflation rate. The CPI for services increased by 5.8% from the previous year, up from 5.7% in May.

 

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