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Fin24 reports that annual consumer price inflation was unchanged at 5.2% in May in line with some expectations.
Statistics SA reported on Wednesday that annual inflation rate of goods last month was 5.7%, unchanged from April, and for services, it was 4.7%, up from 4.6%. Food and non-alcoholic beverages inflation remained steady at 4.7% in May, unchanged from April, while the miscellaneous goods and services category recorded an annual rate of 7.1%, slightly softer than 7.2% in April. Transport quickened to 6.3% from 5.7% in April – the highest rate for the category since October 2023's 7.4%. Statistics SA said fuel was the major culprit, with petrol and diesel prices increasing on average by 9.3% on a one-year basis and by 0.6% since April. May also saw an uptick in inflation for hot beverages, oils & fats, fish, fruit, vegetables and meat. Hot beverages quickened from 11.4% in April to 14.2% in May, the highest since January 2023's 16.4%. SA's consumer inflation rate still has not been under 5% since August last year, and is still higher than the 4.5% midpoint of the SA Reserve Bank's target range of 3% to 6%.
- Read the full original of the report in the above regard compiled by Ahmed Areff at Fin24
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