South Africa: Inflation comes in at highest level since April 2009 in July
Inflation came in at 7.8% in July, up from June’s 7.4%. July’s result marked the highest inflation rate since April 2009. Looking at the details of the release, transportation prices rose at a quicker pace in July compared to the previous month, while price pressures for food and non-alcoholic beverages also picked up pace.
Consequently, the trend pointed up, with annual average inflation ticking up to 5.9% in July (June: 5.7%). Meanwhile, core inflation rose to 4.6% in July, from June’s 4.4%.
Finally, consumer prices rose 1.54% in July over the previous month, accelerating from June’s 1.07% rise. July’s uptick marked the highest reading since January 2008.