SOUTH AFRICAN INFLATION HITS HIGHER-THAN-EXPECTED 6.4 PCT
The latest figures from Statistics South Africa show that consumer price inflation in the country is now at 6.4 per cent, up from 6.1 per cent recorded in the previous period.
Rising food prices and higher transport costs continue to put pressure on inflation in South Africa.
The latest figures from Statistics South Africa are higher than had been expected by the market.
As prices of basic items continue to rise, economists have warned that consumers will continue to have to dig deep into their pockets.
Economist Xhanti Payi said: “If we listen to what agriculturalists and farmers are telling us, food prices are going to be under pressure, so that will continue to exert a big pressure.
“And of course we know that the volatility of the Rand is still a big threat, especially as we don’t know where oil prices are heading. But if oil prices and the rand stay where they are, the price inflation will abate.”
Source: NAM NEWS NETWORK.