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Statistics South Africa reported that May consumer inflation accelerated to 6.5%, above the 6.2% market forecast and above the Reserve Bank's 6% upper target limit. Food, housing, and transport were the main contributors, and fuel remained a major driver.
Core inflation rose to 4.1%, its highest since August 2019.
Inflation above target makes further South African Reserve Bank rate hikes more likely, which can support the rand. Higher food and fuel costs also raise domestic feed and transport costs.
businessday.co.zaThuletho ZwaneJun 22, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
