South Africa: Inflation hits four-month high in July
August 26, 2020
Consumer prices rose 1.31% from the previous month in July, picking up from the 0.52% increase seen in June. July's result was the sharpest increase in prices since February 2016 and was largely driven by rising prices for housing and utilities as well as for transportation. Prices for alcoholic beverages and tobacco goods also gained steam.
Inflation came in at 3.2% in July, above June’s 2.2%. July's figure represented the highest inflation rate since March. Meanwhile, annual average inflation edged down to 3.6% in July (June: 3.7%). Lastly, core inflation rose to 3.2% from June’s 3.0%.
Author: Hanna Andersson, Economist