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South Africa inflation hits five-year high

By - | Categories: Metro

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South Africa’s consumer prices rose to a five-year high in May, exceeding the central bank’s stated target, official data showed Wednesday.

Annual inflation accelerated to 6.5 percent last month after hitting 5.9 percent in April, marking the highest reading since January 2017, according to the government’s statistics agency.

The central bank of Africa’s most industrialised power had sought to keep inflation within a range of three to six percent.

The financial institution has raised its benchmark interest rate several times in recent months in efforts to tame rising prices.

As elsewhere in the world, the war in Ukraine has exacerbated the phenomenon, sending fuel and food prices soaring.

Excluding energy and food, core inflation also rose to 4.1 percent in May from a year earlier, up from 3.9 percent in April.