The consumer price inflation increased to 6.5% in May 2022, from 5.9% in April 2022, according to data released by Statistics South Africa on Wednesday. This means that inflation has risen to its highest level in five years.
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.
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