The latest figures have heightened concerns that rising fuel costs linked to global oil market disruptions could place renewed pressure on households and complicate the monetary policy outlook.
South Africa’s annual consumer inflation accelerated sharply to 4.5% in May, its highest level in 10 months, as surging fuel prices filtered through the economy and pushed headline inflation beyond the South African Reserve Bank’s preferred target range.
Data released by Statistics South Africa (StatsSA) on Wednesday showed that consumer price inflation (CPI) climbed from 4.0% in April to 4.5% in May, marking the highest annual inflation rate since July 2024, when inflation stood at 4.6%.
The latest figures have heightened concerns that rising fuel costs linked to global oil market disruptions could place renewed pressure on households and complicate the monetary policy outlook.
Patrick Kelly, chief director for price statistics at StatsSA, said fuel costs were the primary driver behind the increase.
