JOHANNESBURG – South Africa’s headline consumer inflation rose to 4.3 percent year on year in August after ticking up modestly by 0.3 percent month on month from 4 percent in July as food prices persist.
Statistics South Africa (StatsSA) said the main contributors to the monthly increase in the Consumer Price Index (CPI) were food and non-alcoholic beverages, which increased by 0.5 percent month on month.
Housing and utilities also increased by 0.3 percent month on month and contributed 0.1 of a percentage point.
In August, petrol price for both grades 93 and 95 increased by 11 cents per litre and the diesel price decreasing by 13 cents per litre due to the average increase in international product prices for petrol, diesel and illuminating paraffin.
The petrol price increase normally has knock-on effects on the economy as retailers do not absorb these additional costs and prices rise, but rather transfer them to consumers.