July inflation increased to 3.2%.
July’s annual consumer inflation increased by 3.2% as lockdown restrictions eased, according to data released by Stats SA on Wednesday.
June’s annual consumer price index was just 2.2%. Inflation is now back in the 3% to 6% target range for the first time since April.
The main contributors to July’s print were food and non-alcoholic beverages, housing and utilities, miscellaneous goods and services.
On a month-on-month basis, inflation picked up 1.3% from June.
These changes were largely driven by fuel prices and municipal tariffs. The price of petrol increased by R1.72/l in July. Fuel was still 6.2% cheaper than the same time last year, said Stats SA.
Most municipalities also introduced revised tariffs for water, electricity and municipal rates in July. The increases were, on average, lower than those recorded in 2019.