A big jump in petrol prices has consumers worried about rising inflation and possibly another interest rate hike – but economists bring some calm.
Record diesel price hikes are likely to put upward pressure on inflation, economists say, adding risks to the interest rate outlook. However, the current forecast is that interest rates should still stay on hold for the rest of the year.
However, a massive petrol and diesel price hike from Wednesday has unsettled the rosy outlook for the disinflation trend.inflation will likely rise to and remain above 5.0% for the rest of 2023However, this doesn’t reflect a complete turn, adding that the rate should move back to the South African Reserve Bank’s midpoint of 4.5% for most of 2024, with the potential to drop to 4.0% by the end of next year.
August’s CPI data will also factor in medical costs from private hospitals and municipal rates and taxes, but food prices – the largest individual component of the CPI basket – will likely have a minimal impact in August.
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