{"id":229473,"date":"2022-06-22T12:26:26","date_gmt":"2022-06-22T10:26:26","guid":{"rendered":"https:\/\/www.myza.co.za\/cpi-reaches-6-5\/"},"modified":"2022-06-22T12:26:26","modified_gmt":"2022-06-22T10:26:26","slug":"cpi-reaches-6-5","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/cpi-reaches-6-5\/","title":{"rendered":"CPI reaches 6.5%"},"content":{"rendered":"
<\/div>\n

Annual consumer price inflation (CPI) reached 6.5% in May, Statistics South Africa (Stats SA) has revealed.<\/p>\n

The figure is a 0.7% increase from the 5.9% in April and March.<\/p>\n

Stats SA said the increase breaks through the upper limit of the South African Reserve Bank\u2019s monetary policy target range.<\/p>\n

This is the highest reading since January 2017 when the rate was 6.6%, it said.<\/p>\n

The impact of fuel prices<\/strong> <\/p>\n

In a statement, the agency said transport and food and non-alcoholic beverages (NAB) accounted for just over half of the annual rate, with sharp price increases recorded in both categories.<\/p>\n

\u201cFuel, in particular, continues to be a major contributor. If the impact of fuel is removed from the CPI reading in May, the headline rate falls to 5.1% from 6.5%.<\/p>\n

\u201cDiesel prices jumped by 8.1% between April and May, taking the annual rate to over 45%. The average price of a litre of diesel in May 2021 was R16.20 \u2013 meaning it cost R729 to fill a 45-litre tank. Twelve months later, with the average price at R23.67 per litre, filling the same tank cost R1 065.\u201d<\/p>\n

Petrol prices moderated between April and May, edging lower by 0.7%. Despite this decline, petrol is almost 27% more expensive than it was in May 2021, reads the statement.<\/p>\n

Cooking oil prices continue to soar<\/strong> <\/p>\n

During this period, prices for food and NAB jumped by 2.1% between April and May, representing the largest monthly increase since February 2016 when the monthly rise was also 2.1%. At that time, the country was experiencing a severe drought.<\/p>\n

\u201cThe oils and fats product group continues to witness sustained levels of high inflation. The annual rate was 26.9% in May, representing the 17th month that the rate has been above 10% (since December 2020). Prices jumped by 10.1% between April and May, representing the first time since 1997 that the monthly rate was above 10%. <\/p>\n

\u201cSunflower oil, the product with the highest weight in the oils and fats group, is almost 40% more expensive than it was a year ago. Prices jumped by 16.1% between April and May,\u201d said Stats SA.<\/p>\n

The monthly rate for bread and cereals was 3.4%, taking the annual rate to 8.4%. Maize meal recorded a monthly increase of 5.1% and a loaf of white bread was 3.7% more expensive.<\/p>\n

Stats SA said annual meat inflation remained above the 6% mark since November 2020, with the reading for May 2022 at 9.4%. Prices for individually quick frozen (IQF) chicken portions and stewing beef increased by 13.7% and 12.2%, respectively, in the 12 months to May. \u2013 SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Annual consumer price inflation (CPI) reached 6.5% in May, Statistics South Africa (Stats SA) has revealed. The figure is a 0.7% increase from the 5.9% in April and March. Stats SA said the increase breaks through the upper limit of the South African Reserve Bank\u2019s monetary policy target range. This is the highest reading since […]<\/p>\n","protected":false},"author":1,"featured_media":229474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-229473","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-south-africa","8":"tag-sanews","9":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/06\/cpi-reaches-6-5.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/229473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=229473"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/229473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/229474"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=229473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=229473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=229473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}