South Africans face higher living costs as inflation hits 5.0%
As a net importer of crude oil and refined petroleum products, South Africa would face renewed pressure on domestic fuel prices, transport costs and inflation, particularly if accompanied by rand depreciation.“Given these explanations, the June CPI outcome has further increased the urgency for an immediate interest rate increase, given the continued war in the Middle East, which does not currently eliminate further inflation risk.
Inflation could ease The reductions in fuel prices that took effect in July could result in inflation easing, as they were not captured in the June CPI calculation.
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