Consumer inflation soars to 13-year high

The Consumer Price Index for July sat at 7,8% - a jump from 7,4% in June.

The CPI jumped by 1,5% between June 2022 and July 2022 for only the fourth time since 2008.

According to Statistics South Africa, the price increases for products such as bread & cereals, oils & fats, fuel, electricity, and transport made a notable impact in July.

In a statement, the agency says consumers were hit hard by non-durable goods such as food, drink, electricity, fuels, and medicine.

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As municipalities increase service charges in July every year, the electricity tariffs increased on average by 7,5%, equivalent to the 7,5% benchmark approved by the National Energy Regulator of South Africa. 

This increase is lower than last year’s rise of 13,8% but higher than the 2020 increase of 6,3%.

"Together with the rise in electricity tariffs, consumers also had to deal with further fuel price increases. Transport costs were up by 4,8% between June and July, with fuel rising by 9,4%. 

"Fuel is 56,2% more expensive than it was twelve months ago. Public transport didn’t escape the pain, taxi fares jumped in July too, rising by 9,0% from June and taking the annual rate to 16,4%."