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Cost of living rises to new highs

Friday, August 19, 2022 | 690 Views |

Out of reach: Consumers are experiencing the highest increase in the cost of living since 2008 PIC: MORERI SEJAKGOMO

The rate of increase in the prices of goods and services reached 14.3% in July from 12.7% in June, the highest level since November 2008, as fuel and food prices continued to escalate.

At its latest level, inflation is under a percentage point shy of the all-time high of 15.1% recorded in November 2008.

Inflation for the first seven months of the year has averaged 11.39%, compared to 11.41% in the same period in 2008, the year in which consumers suffered the highest average inflation ever.

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Cost of living rises to new highs

The rate of increase in the prices of goods and services reached 14.3% in July from 12.7% in June, the highest level since November 2008, as fuel and food prices continued to escalate.