CPI up 5,0% year-on-year in August
Consumer prices rose 5.0% year on year in August from 4.9% year on year in July‚ Statistics SA said on Wednesday (19 September 2012).
The inflation rate was expected to have increased at 5.0%‚ according to a survey of leading economists by I-Net Bridge.
Forecasts among the eleven economists ranged from 4.9% to 5.1% year on year.
The consumer price index (CPI) increased 0.2% month on month in August from the 0.3% month on month increase in July.
The annual average consumer inflation rate was 5.0% in 2011 from 4.3% in 2010.
The main driver of the annual rise in the CPI was housing and utilities which contributed 1.4 percentage points. Food and non-alcoholic beverages‚ and transport‚ each accounted for 0.8 percentage points of the increase.
The food and non-alcoholic beverages index was unchanged between July and August‚ and rose by an annual rate of 4.9%‚ down from 5.3% in July.
The housing and utilities index rose by 0.2% between July and August‚ mainly due to a 0.5% increase in water tariffs. The annual rate quickened to 5.8% from 5.7% in July.
The transport index rose by 0.6% between July and August‚ mainly due to a 22 cents/litre increase in the price of petrol. On an annual basis it accelerated to 4.9% from 4.6% in July.
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