Consumer inflation rises to 3% in June


Household budgets remain under pressure amid the rising cost of goods as inflation edges up from 2.8% in May to 3.0% in June.

Statistics South Africa’s (Stats SA) latest released data shows that consumer inflation rose on the back of higher food prices, which have reached a 15-month high.

Stats SA has noted that meat, particularly beef, continues to be the main driver of food inflation.

In a statement, Stats SA says: “The annual rate for food & non-alcoholic beverages reached a 15-month high of 5.1% in June. Meat, particularly beef, continues to be the main driver of food inflation. Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak. Stewing beef rose by an annual 21,2%, the fastest pace on record since the current CPI series began in January 2017.”