South African annual inflation hit 7.8% in July, the highest in 13 years.

In June annual inflation was 7.4%.

The South African inflation rate is now significantly outside the Reserve Bank’s target of between three and six percent.

Monthly inflation between June and July was 1.5%.  This was only the fourth time since 2008 that monthly inflation was 1.5% or higher, according to the Reserve Bank.

The rise in inflation was driven primarily by an increase in the price of food and transport.

Rising inflation is a growing global problem, with inflation forecast to hit 18% in the United Kingdom in coming months.


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