Inflation climbs to 6.3% in June
Stats SA has released the latest Consumer Price Index data, showing that inflation in June climbed to 6.3%, after dropping closer to the government target of 6.0% in May.
On average, prices increased by 0.6% between May 2016 and June 2016, the group said.
Inflation is hitting poorer households the hardest, the data showed, where inflation in the lowest expenditure quintile (up to R21 399 per year) hit as high as 8.1%, compared to the highest quintile (R142 084 or more per year) at 6.1%.
This is the CPI for each expenditure quintile (per annum):
- Up to R21 399 – 8.1%
- R21 400 up to R35 750 – 7.5%
- R35 751 up to R61 624 – 7.0%
- R61 625 up to R142 083 – 6.2%
- 142 084 and more – 6.1%
- SA Average – 6.3%
In rural areas, CPI hit 7.9%, compared to primary and secondary urban areas, where the CPI was at 6.3% and 6.2%, respectively.
The largest contributions to increased inflation came from rising food and beverage costs, the data showed, as well as a jump in housing, utility and transport costs.
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