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South African inflation surged to a 13-year high in June, data showed on Wednesday, moving further away from the central bank’s target the day before an interest rate announcement.
Headline consumer inflation quickened more than forecast to 7.4 percent year on year in June, versus analysts’ predictions for 7.2 percent and a reading of 6.5 percent in May.
June headline inflation was the highest since May 2009, during the global financial crisis.
Statistics South Africa figures showed fuel and food prices, which have soared globally due to the war in Ukraine, continue to be the major drivers of price pressures.
Fuel prices were up 45.3 percent in June, the largest annual increase for fuel since the agency’s consumer price index series began in 2009.
Prices of food and non-alcoholic beverages rose 8.6 percent, the highest annual rate since March 2017 when the country was recovering from severe drought. – Reuters
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