South Africa: Inflation accelerates to over 13-year high in July
August 24, 2022
Consumer prices increased 1.54% in July over the previous month, picking up from June's 1.07% increase. July's uptick was the highest reading since January 2008. The result was largely driven by increasing prices for housing and utilities. In addition, price pressures for transportation increased at a faster rate.
Inflation came in at 7.8% in July, up from June’s 7.4%. July's result was the highest inflation rate since April 2009. Consequently, the trend pointed up slightly, with annual average inflation coming in at 5.9% in July (June: 5.7%). Lastly, core inflation ticked up to 4.6% in July, from June’s 4.4%.