Inflation breaches upper limit of Reserve Bank target

22nd June 2022 By: News24Wire

 Inflation breaches upper limit of Reserve Bank target

Photo by: Bloomberg

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.

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.