The consumer read more , Annual consumer inflation jumped to 7,4% in June from 6,5% in May, mainly driven by rising transport and food prices. [Read] The Department of Water and Sanitation has welcomed the awarding of major contracts for the construction of Phase II of the Lesotho Highlands Water Project (LHWP), SA, France and Germany have signed loan agreements for the two European nations to each extend 300m in concessional financing to SA to support the countrys efforts to reduce its reliance on coal through a just transition to cleaner energy sources, President Ramaphosa has concluded his address. The Laspeyres formula is generally used. Inflation has reached its highest level in decades in many countries, fueled in particular by the war in Ukraine and the economic recovery following the easing of restrictions related to the global Covid pandemic. South Africa's government won't budge on plans to impose below-inflation wage increases on its workers even as a labor union that represents almost a quarter of a million . Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, National Treasury said on Wednesday. That's an increase of 7.98%. Inflation is being driven by four main forces: food prices, up 70% globally in the past year; oil prices (up 65%); the rand (down 15% against a very weak dollar so far this year); and strong. By Alexander Winning. (RTTNews) - South Africa's consumer price inflation eased slightly in September, in line with expectations, figures from Statistics South Africa showed on Wednesday. Since 2000, South Africa's targeted-inflation had averaged 5.8%, which was within the 3-6% target range. Household consumption is expected to grow by 2.5% in 2022. [Read] The Department of Water and Sanitation has welcomed the awarding of major contracts for the construction of Phase II of the Lesotho Highlands Water Project (LHWP), SA, France and Germany have signed loan agreements for the two European nations to each extend 300m in concessional financing to SA to support the countrys efforts to reduce its reliance on coal through a just transition to cleaner energy sources, President Ramaphosa has concluded his address. RTTNews By Rtt News Staff Writer South Africa's consumer price inflation remained stable in April, after accelerating in the previous month, figures from Statistics South Africa showed on Wednesday. We read more , Annual consumer inflation held steady at 5,7% in February, unchanged from 5,7% in January. South Africa's annual consumer price inflation hit 5,9% in December 2021 the highest annual rate since March 2017, when it increased by 6,1%. All Rights Reserved. The average price for a litre of diesel jumped from R13.13 to R14.62, Stats SA said in a statement on Wednesday. South Africa's headline consumer inflation slowed to 7.5% in September from 7.6% in August, but it is still well above the SARB's 3%-6% target range. [Read] President Cyril Ramaphosa has announced that Kenyans will now be able to enter South Africa visa free for a period of 90 days. South Africa Economic News. Rising food and transport prices put upward pressure on the monthly rate, with the consumer price index (CPI) increasing by 0,6% between January and February. "Headline inflation has increased well above the mid-point of the inflation target band, and is forecast to breach the target range in the second quarter," Governor Lesetja Kganyago told a news conference. Annual consumer inflation dipped to 7,6% in August from 7,8% in July. Percent, Quarterly, Seasonally Adjusted Q3 2000 to Q2 2022 (Aug 11) Add to Data List. "It has been 4.5% over the past five years, exactly in the middle of our target range. Inflation in South Africa is currently 7.5%. Please visit. About About EIN Presswire How We Are Different. The institution has revised its growth estimates downwards, expecting a slowdown to 1.3% in 2023, before a slight rebound to 1.5% in 2024. It sees 2022 economic growth of 2.0%,. Kitco News. South Africa Food Inflation Summary Forecast Stats Download Food prices in South Africa climbed by 11.9% year-on-year in September of 2022, picking up from an 11.3% rise in the previous month. Mediumterm risks to the inflation outlook are to the upside, primarily as a result of price pressures from food and nonalcoholic beverages, along with petrol, energy and other administered prices. What is seasonal adjustment, and why is it so important for measuring and analysing the economy? Although the forecast assumes 2022 and 2023 electricity prices rise in line with Eskoms application for a tariff increase in 2022/23, there is a risk that electricity inflation may exceed the assumption due to increasing costs of ensuring electricity supply, said Treasury in the Budget Review document. The rate of increase in the prices of food and non-alcoholic beverages was higher - at 6,2% over the . This CPI release is the first to be compiled using the recently updated weights and basket read more , Stats SA published changes to the consumer inflation basket, providing insight into how household spending habits have shifted since 2016. September 21, 2022. Despite these increases, fuel was still 6.2% cheaper this July than it was in the same month last year. In the just concluded week, freshly released inflation report for South Africa showed inflation rate moderated to 4.00% year-on-year in July 2019 (from 4.50% in June 2019), trending towards the lower band of the Reserve Bank's target range of 3% to 6%. Consumer inflation was running at 5.9% in annual terms in April and March, near the top of the central bank's 3%-6% target range, driven by higher fuel and food prices linked to the war in Ukraine. South Africa's headline consumer inflation fell to 7.6% year on year in August, data showed on Wednesday, suggesting inflation may have peaked in annual terms at 7.8% the previous month. Get the latest South Africa Inflation News, headlines and more on RTTNews.com Read: Moody's expects SA's inflation to hit 8% in 2022 Even in more developed . Add to Graph. The government announced on Friday that the retail price of petrol and diesel would go up. For 2021, an inflation rate of 4.6% was calculated. The bureau said this on Wednesday in its latest consumer price index (CPI) report for July 2022. "Bread and cereal inflation has slowed over the last year. Electricity tariffs increased by 6.3%, lower than last years rise of 10.5%. Key Insights: Inflation has remained at or below the 4.5% It sees 2022 economic growth of 1.7%, versus 2.0% forecast previously. Its mandate involves both price and financial stability. South Africa Inflation News Service from EIN News. South Africa's government says it won't budge on plans to impose below-inflation wage increases on its workers even as a labor union announced plans to strike 08/11/2022 09:02:25 PM Share: All details will be kept confidential and is for the use of Stats SA only. "At present, our repo rate is at 6.25%,. The increase was on the back of rising costs across key sectors of transport, food and non-alcoholic beverages (NAB), and housing and utilities. Child Support Grant Top-Up available at all SASSA offices, 3% wage increase offer 'generous', says government, SASSA advises beneficiaries to keep verifying contact details to avoid scammers, Corruption impacts service delivery, development, Government puts measures in place to mitigate impact of strike, President Ramaphosa announces 90-day Visa free entry for Kenyans. Consumer confidence declined, and retail operations and supply chains were severely affected, Treasury said. The monthly rate decreased to 0,6% from 1,0%. South Africa's inflation rate, which hit a record high of 7.8 percent in July, edged down to 7.6 percent in August from a year earlier. Staff Writer 1 November 2022. He says that there is a new world and new direction for which renewable energy offers South Africa multiple opportunities, "so long as the transition does not leave our people behind". Fuel prices decreased by 3,8% between July and August, with petrol falling by 5,0% and diesel by 0,9%. The current inflation rate in South Africa is 7.80%, which is calculated based on CPI (Consumer Price Index) values for the last 12 months ending in September 2022. Bloomberg 25 Aug 2022 The South African central bank's proactive efforts to contain price growth mean the country has a good chance of getting through the worst global inflation shock in a generation "without particularly high inflation or high interest rates," Deputy Governor Fundi Tshazibana said. Stats SA is in the process of updating its database of all users. Inflation dropped to 7.5% in September, which followed August's 7.6%. Annual inflation accelerated to 6.5% in May, from 5.9% a month prior, Statistics South Africa said in a statement on its website on Wednesday. South Africa's consumer price inflation rise in January, figures from Statistics South Africa showed on Wednesday. The increases in July 2020 are lower than the increases recorded in July 2019. The SARB now forecasts headline inflation this year of 5.9% from 5.8% seen in March. Ghana's annual consumer inflation rose to a new 21-year high of 40.4% in October, accelerating from 37.2% in September, data showed on Wednesday, after a month of rapid currency depreciation deepened an economic crisis. Fuel prices were up 40.4% in the year to December 2021 owing to higher global crude oil prices. The South African Reserve Bank (SARB, the central bank) expects inflation to stay well within its 3-6% target-range, at 4.3% for the year. This is the third time in five months that the annual rate was 5,9%, testing the 6% upper limit of the South African Reserve Banks monetary policy target range. That's the highest level since January 2017. NAIROBI, Kenya (AP) The presidents of South Africa and Kenya said Wednesday they have resolved a long-standing visa dispute and Kenyans will be able to visit South Africa visa-free for up to 90 days in a calendar year. Inflation And Stock Market Returns In South Africa Authors: Joel Hinaunye Eita University of Johannesburg Abstract and Figures This paper investigated the relationship between stock market. The June rate is the highest reading since May 2009 (8,0%) when the economy was facing the headwind of currency depreciation during the global financial crisis. Rising interest rates and an uptick in inflation are squeezing South African consumers between the . Treasury said, however, that a weak employment outlook and higher inflation are likely to limit the pace of recovery in 2022. Get this delivered to your inbox, and more info about our products and services. STORY: South Africa's headline consumer inflation hit a 13-year-high in June, data from Statistics South Africa showed on Wednesday (July 20).In annual terms inflation was 7.4%, more than forecast by analysts polled by Reuters who had predicted a rise to 7.2% from 6.5% in May.The pickup in inflation in Africa's most advanced economy comes the day before the South African Reserve Bank is due to . Members of the National Council of Provinces (NCOP), in turn, represent the respective provinces. This pushed the read more , Annual consumer inflation reached another 13-year high, increasing to 7,8% in July from 7,4% in June. The decision was in line with a Reuters poll published last week. Consumer price inflation in South Africa is running at about 8%. During the same period, alcoholic beverages were available for sale in June and for the first half of July. The Consumer Price Index (CPI) increased by 1,1% between read more , Annual consumer price inflation quickened to 6,5% in May from 5,9% in April and March, breaking through the upper limit of the South African Reserve Banks monetary policy target range. Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, National Treasury said on Wednesday. South Africa's annual inflation rate reached another 13-year high, increasing to 7.8% in July 2022 from 7.4% in June 2022 according the South Africa Department of Statistics (Stats SA). is one of South Africa's leading news and information websites bringing millions of readers . In 2020, the rate reached a peak at 12 percent. On Wednesday, the country's two largest unions called for demonstrations against the high cost of living. Please visit. Catalog; For You; Pretoria News.
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