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SA’s annual consumer inflation for May accelerated well above market expectations, amid relentless increases in food and petrol prices further strengthening the case for another 50 basis points (bps) hike in the repo rate by the SA Reserve Bank in July. 

Stats SA said on Wednesday that the consumer price index (CPI) rose 6.5% in May, breaching the Reserve Bank’s upper limit of 6%. This is the highest reading since January 2017, when the inflation rate was 6.6%, and well above market expectations of 6.2%...

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