South Africa’s inflation rate reaches 5-year record high

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%.

The inflation rate climbed from 5.5% in November.

Prices of food and non-alcoholic beverages increased by 5.5% in the year to December, while transport prices jumped by a whopping 16.8%, fuelled by rising petrol and diesel prices.

Last year, the price of 95 unleaded petrol rose from below R15 in inland regions at the start of 2021 to above R20/litre by December.

Diesel rose from R13 to almost R18/litre.

The average annual consumer price inflation for 2021 was 4.5%, compared to the average rate of 3.3% in 2020.

 

 

Source: News24.com