Cost of living climbs further in May

The cost of living in South Africa edged even higher in May, with annual headline consumer inflation climbing to four point five percent in May from four percent in April.

New data from Statistics South Africa shows that Consumer Price Index (CPI) rose by 0.7% month-on-month.

The jump in the headline number was mainly driven by housing and utilities, transport and insurance and financial services.

However, Investec Chief Economist, Annabel Bishop says due to expected fuel price cuts in July, inflation is expected to moderate.

Meanwhile, fuel prices remain the main contributor to annual inflation in May.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.