Meat prices rise in South Africa

Published 2021년 9월 22일

Tridge summary

South Africa's consumer price inflation rose to 4.9% in August, up from 4.6% in July, marking the fourth month of consecutive annual increase, in line with economists' expectations. The rise in inflation was due to higher petrol and diesel prices, and increases in vehicle prices. Fuel prices hit record highs, increasing by 4.9% between July and August, and by 19.6% over the past year. Vehicle prices also saw an increase, rising at a higher rate than overall inflation for 16 months from May 2020 to August 2021. Additionally, airfares saw a 22% spike between July and August. While meat prices continued to rise, there were decreases in the prices of bread, cereal products, maize meal, cooking oil, and margarine. The monetary policy committee of the Reserve Bank is set to announce its interest rate decision on Thursday.

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Original content

South Africa's consumer price inflation increased to 4.9% in August, up from 4.6% in July 2021. The August CPI number is the fourth consecutive month where the annual increase in inflation is higher than the midpoint (4.5%) of the South African Reserve Bank’s inflation target range. This was in line with the median expectation of 16 economists who took part in a Bloomberg poll. Pricier petrol and diesel, as well as increases in vehicle prices, contributed to the hotter inflation. Fuel prices are currently at record highs - with the price of inland 95-octane petrol reaching R18.30 per litre last month. Fuel prices increased by 4.9% between July and August, and by 19.6% over the last 12 months. Vehicle prices increased at a rate higher than overall inflation across all 16 months from May 2020 to August 2021, Statistics SA said. There was also a sharp 22% spike in airfares between July and August, which contributed to transport inflation. Prices of food and non-alcoholic beverages ...

Source: News24