Consumer inflation hits five-year high in May

File: Inflation

File: Inflation. Pixabay/geralt

Pixabay/geralt

JOHANNESBURG - Consumer inflation has increased more rapidly than expected.

Stats SA says it rose to 6.5 percent in May from 5.9 percent in April.

READ: CPI rises to 30-month high in May

This is the highest CPI figure since January 2017.

For the first time in more than five years, inflation has breached the upper limit of the central bank’s target range.

READ: Rising food prices | A close look at inflation in South Africa

It's been driven higher in recent months by rising fuel and food prices, linked to the war in Ukraine.

In May, CPI was mainly driven by food inflation, and transport, housing and utility prices.

An analyst says consumers should expect further increases in the coming months.

Source
eNCA

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