S.Africa's consumer inflation edges up by 0.1% in August - CNBC Africa

S.Africa's consumer inflation edges up by 0.1% in August

Southern Africa

by Trust Matsilele 0

Consumer inflation edges up by 0.1 per cent in August. PHOTOS: wikimedia/pickyeaterblog

On average, prices increased by 0.4 per cent between July 2014 and August 2014.

Stats SA says the slight surge was as a result of food and vehicle prices.

(READ MORES.Africa’s CPI reaches its highest in five years)

“The increase was mainly a result of upward pressure from food and motor vehicle prices.  Annual food and beverage inflation, which registered 8.8 per cent in June and July, climbed to 9.4 per cent in August,” reported Statistics SA. 

“Food inflation has been increasing since December 2013 when it registered at 3.5 per cent. Meat and dairy products were the main drivers of food inflation in August. Meat prices returned to their inflationary trend after a brief pause in July, increasing by one per cent between July and August while July’s comparable figure was -0.3 per cent.”

Milk and cheese prices increased by two per cent and 3.3 per cent respectively between July and August, following an average increase of 1.6 per cent between June and July. 

The automobile sector showed an increase in the prices of new vehicles by 1.2 per cent.

(READ MORE: S.Africa June vehicle sales dip by 2.3%)

“[New vehicles] now show an 8.1 per cent annual inflation rate – the highest annual increase for new cars since December 2009.”

Motor companies have of late been issuing statements suggesting a surge in so as to compensate for currency depreciation over this year.