After measuring 3,5 per cent in June, CPIX inflation increased to 4,2 per cent and 4,8 per cent in July and August respectively. During these two months, the petrol price increased by a total of R0,56. Excluding petrol and diesel costs, CPIX inflation measured 3,6 per cent in both July and August having averaged 3,4 per cent for the previous 12 months.
They help to ensure that changes in the exchange rate are consistent with cyclical developments: although the euro exchange rate is not a monetary policy objective, any variations linked to the monetary conditions in the different currency areas are an important component of the transmission mechanism. The effects on financial asset prices and, looking ahead, on real asset prices can stimulate consumption.