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South Africa's Inflation Rate Jumps To A 5-year High

South Africa's Inflation Rate Jumps To A 5-year High

South Africa’s inflation rate rose more than expected and breached the central bank’s target range for the first time in more than five years.

Statistics South Africa said annual inflation accelerated to 6.5 per cent in May, from 5.9 per cent a month prior.

In a statement on its website on Wednesday, Statistics South Africa said this was the highest level since January 2017. Reads the statement seen by Pindula News:

The impact of fuel prices

Transport and food and non-alcoholic beverages (NAB) accounted for just over half of the annual rate, with sharp price increases recorded in both categories. Fuel, in particular, continues to be a major contributor: if the impact of fuel is removed from the CPI reading in May, the headline rate falls to 5.1% from 6.5%.

Diesel prices jumped by 8.1% between April and May, taking the annual rate to over 45%. The average price of a litre of diesel in May 2021 was R16,20 – meaning it cost R729 to fill a 45-litre tank. Twelve months later, with the average price at R23.67 per litre, filling the same tank cost R1 065.

Petrol prices moderated between April and May, edging lower by 0,7%. Despite this decline, petrol is almost 27% more expensive than it was in May 2021.

Cooking oil prices continue to soar

Prices for food and NAB jumped by 2.1% between April and May, representing the largest monthly increase since February 2016 when the monthly rise was also 2.1%. At that time the country was experiencing a severe drought.

The oils and fats product group continues to witness sustained levels of high inflation.

With Zimbabwe importing most of its commodities from South Africa, it means it is also importing inflation.

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Putin 🇷🇺 OG 🐊 5 days ago

Beware Ramaphosa iwe hauna sanction welcome to the big league,nyika inovakwa nevene vayo 🇿🇼🇿🇼🇿🇼🇿🇼🇿🇼🇿🇼 hallelujah God bless you all......... Siya ✊✊🐓🐊

Tkt 6 days ago

Then how can cooking oil be cheap in 🇿🇼 when paneibharing south 🇿🇦 patino tenga pacho ichito kwira mitengo and all the other staff?
Wonzwa rimwe roti Mangudya naMthuli vanonyepa kuti most of our inflation is imported haaaa muno gumbura imi vanhu vezvima pato zvopikisa nxaaaaaaa

criminals around the President 1 week ago

vanhu Ava vakatouraya nyika vanotadza kusvika pa level yemu 90 year old avaiti ndiye ane matsotsi ... matsotsi taakuona kuti vakanyepera vanhu ndevapi
now I inflation yave kumberisa
1 as to 1 yavo Havana Ku resigner
now tave pa rate re 1 as to 600 inflation still sky rocketing ana @ blue vachihumana Pano
@ Machiavelli

the guy with a perfect analysis

vana @blue varakashi vanoda kufurira vanhu kuramba vachitamvura vavo vachidya zvese

pasi nevarakashi vanopiwa dhora kutengesa povho vatengesi vagara kuhondo vaichekwa muromo vasiyei muone zvoguma sei taakuvaziva

Grace Ntombizodwa 1 week ago

@ Machiavelli ,your analysis is factual & intellectual .A breath of fresh air...
pliz don't sink low into the cesspool of expletives !
Its below yr intellect!

Machiavelli 1 week ago

I apologise unreservedly Madame.
I beg your forgiveness.

I try not to insult. My maxim has always been, "Never argue with an ****. They bring you down to their level and then beat you with experience"

I let myself down today and it is with anguish that I have also let down other people who hold me in high esteem.
Once again my sincere apologies. 🙏🏾🙏🏾🙏🏾


note 1 week ago

tange tazviona kuti wati 6.5 uyo hasi 1 kauyo ndi I wawange waisa saka correction yacho ndeipi

Machiavelli 1 week ago

🙈🙈🙈 6 5%

Machiavelli 1 week ago

I6.5% annual inflation!!! If this was in Zimboland, Matuzvi Ncube, Panonetsa and Dambudziko would be celebrating.

How we have sunk so low to normalise the abnormal. All we know is blame game- blame everyone else except ourselves, add fuel to the burning fire in the hope of quenching it.

Cry The Beloved Country

itai steady chokwadi moziva varakashi 1 week ago

apana chirikugadzirwa unogarepi every week inflation ikukwira iwe uchida kurakasha vanhu nenhema zvakapera kare izvo vanhu vaakuziva mobhadhrwa kunyepa

Machiavelli 1 week ago

@Blue don't tempt me 😊😊😊.
No it's not the first time. You failed to notice that coined the nom de guerre "Nzvonyora Vharazipi".
It happens very infrequently, and only those that deserve it do get a lashing of my devil-tongue.

With Zimbabwean inflation at 66 times (6,600%) higher than South Africa, you and Matuzvi cannot by any stretch of imagination convince me that economic fundamentals are in place. With the (pseudo) currency having lost value by 4-digits per centum within the last 12 months and Doctors earning the equivalent of US$80 per month, Matuzvi deserves the nom de guerre I have christened him. He has well and truly deserved it.

Blue 💙 1 week ago

🤣@@Machiavelli, this is the first time I've seen you use a "bad" word. Lmao
Don't worry, economic fundamentals are in place. Our exchange rate is still finding it's feet then it will stabilize. The economy is headed in the right direction.

Machiavelli 1 week ago

Correction:- 6.5% annual inflation NOT 16.6%

totito 1 week ago

SA talks of single figure inflation, yet Zimbabwe is on three figures, soon it will be four figures then 5, 6, 7 etc until we reach our familiar trillion ground, IiiDhiii achingotonga

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