Coming in at 5%, moving to the upper end of the SA Reserve Bank’s 3% to 6% target range, consumer price inflation signals a clear prospect of a looming rise in interest rates to stem the increase.
This, in turn, will put more pressure on cash-strapped consumers to meet not only their debt obligations, but also daily living expenses. The main contributors to the rise in inflation are the most basic of necessities. Food was up 6.6%, transport costs posted a 10.1% rise, while housing and utilities added 4%. None of this is good news and things are expected to get worse.Core among the drivers is the rising cost of fuel. With a hefty price spike expected at the end of this month the trickle-down effect will lead to the inevitable increase in the cost of consumables.
To add fuel to the already burning economic fire, the International Monetary Fund’s projected growth for this year is 5%, coming off a dire contraction of -7% last year as the Covid-19 pandemic all but brought the economy to a standstill.That may be a good figure if it was expected to be sustained for the next few years. In fact, it would be most welcome. This is not so.
__and rougher indeed
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