Consumer Price Index rises to 4.8%

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Statistics South Africa’s newly-released figures show that Consumer Price Index (CPI) for August rose slightly to 4.8% year-on-year, compared with 4.7% in July.

On a month-on-month basis, CPI declined to 0.3% in August from 0.9% in July.

This has kept the consumer price index within the South African Reserve Bank’s target range of CPI of 3 to 6%.

Early this year, the annual Consumer Price Index for February, remained unchanged at 5.7%, from 5.7% in January 2022.

Stats SA said the main contributors to the annual inflation rate came from an increase in food and non-alcoholic beverages, transport, housing and utilities, as well as miscellaneous goods and services.