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Inflation breaches upper limit of Reserve Bank target

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Inflation breaches upper limit of Reserve Bank target

Consumers
Photo by Bloomberg

22nd June 2022

By: News24Wire

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Consumer inflation for May hit 6.5%, which breaches the upper limit of the Reserve Bank's target range of 4% to 6%.

Stats SA on Wednesday released the latest inflation data. It shows that the uptick, from 5.9% recorded in April, was mainly driven by increases in food and non-alcoholic beverages, housing and utilities, transport and miscellaneous goods and services.

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According to Stats SA this is the highest inflation rate since January 2017, when inflation was 6.6%.

Consumer inflation increased 0.7% on a month-on-month basis.

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