In a recent report by Statistics SA, consumer price inflation has risen from the month of July to 7.8% as compared to June of this year at 7.4%.
Making it the highest inflation rate since May 2009 which contributed to the high of 8%
The 7.8% consumer price inflation rate is contributed by the increase of prices in food and non-alcoholic beverages such as housing, utilities, transport, and miscellaneous goods and services.
Whereas products like food and non-alcoholic beverages increased by 9.7% year-on-year, contributing 1.7 percentage points to the total Customer Price Inflation (CPI) annual rate of 7.8%.
However, housing and utilities increased by 4.0% year-on-year and contributed 1.0 percentage points.
Transport increased by 25.0% year-on-year, and contributed 3.4 percentage points. Miscellaneous goods and services increased by 3.6% year-on-year, and contributed 0.5 of a percentage point.
Transport costs were up by 4.8% between June and July, with fuel rising by 9.4%.
Whereas fuel is 56.2% more expensive than it was twelve months ago, with the price of a litre of inland 95-octane petrol rising from R17.39 in July 2021 to R26.74 in July 2022 as per reports from Smile FM.
All in all, in July the annual inflation rate for goods was 11.5%, up from 11.0% while services for July was 4.2%, up from 3.9% in June.