Stats SA: Average annual inflation rate for 2022 the highest since 2009
Statistics South Africa said that the average annual inflation for 2022 sat at 6.9%.
The 2022 reading is the highest annual average rate since 2009 at the end of the global financial crisis when it sat at 7.1%.
The average annual inflation in 2021 was 4.5%.
The statistics body released the December figures on Wednesday, concluding the results for the calendar year.
The consumer price index, which measures the monthly changes in prices for a range of consumer products, increased by 0.4% in December, compared to the previous month.
Annual consumer price inflation dropped for a second time in December, edging lower to 7.2% from 7.4% in November.
This is the softest reading since May.
Despite cooler annual inflation, the cost of food remains high, with prices increasing on average by 12.4% over the past 12 months.
Bread and cereal products have had the most significant impact on overall food inflation.
Meanwhile, meat inflation slowed to 9.7% in December from 10.5% in November, while oils and fats cooled for a fourth consecutive month.
-EWN
In other news – PICS: Faith Nketsi steps out looking all good in Fashion Nova outfit
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Just like she always does, she has blessed her fans’ eyes with beautiful snaps of herself looking all good in a Fashion Nova outfit. She can be seen rocking pink bottoms, white tees, and high heels matching her expensive handbag. Also, what’s an outfit without a bit of jewelry & accessories? Learn More
