Cape Town — Inflation has softened for the third consecutive month as the figure hit 4.4%, dipping below the 4.5% mark for the first time since April 2021.
Inflation stood at 4.6% in July when it dipped below 5% for the first time since July 2021, showing an improvement across many sectors including transport, housing and restaurants and hotels, StatsSA reported.
Transport-related products recorded softer annual rates in August, while fuel also experienced another price reduction, albeit a minor one. The fuel index dipped by 0.5% month-on-month, slowing to an annual rate of 1.8%.
While transport’s overall inflation waned since 2022 when it had accounted for 44% of overall inflation in that year. That figure has dropped to 9% for 2024, putting it behind other contributors such as housing & utilities and food and non-alcoholic beverages (NAB).
Transport’s influence on inflation has waned since July 2022, when accounted for 44% of the headline rate. In August 2024, transport accounted for 9%.
Read more here: https://t.co/2L4VjIwdqn#StatsSA #CPI pic.twitter.com/Zut9w83dMr
— Stats SA (@StatsSA) September 18, 2024
Meanwhile, food and NAB picked up in August, rising to 4.7%. While most product groups recorded higher annual rates, there were some that recorded lower rates.
Bread & cereals increased for a third consecutive month (0.4%), with notable increases for bread flour (2.1%), brown bread (13%) and white bread (1.2%). Rice increased by 17.3%, pizza and pies went up 10.9% and hot breakfast cereals went up by 7.9%
Meanwhile, the meat index recorded an annual increase, chicken and beef products were cheaper with whole chicken (down 2.2%), sausage (down 1.7%), chicken giblets (1/3%) and beef mince (down 1.3%). Other meats such as bacon, ham. biltong, chicken portions and corned beef were more expensive.
Hot beverages remain the group with the highest rate among all food & NAb groups, as instant coffee hit a 19-month at at 22.3%.The average price for 250 grams of instant coffee was R67,37 in August 2024, up from R52,71 in August 2023.
Hot beverage inflation continues to burn. The annual rate for instant coffee hit a 19-month high (22,3%) in August 2024.
Read more here: https://t.co/2L4VjIwdqn #StatsSA #CPI #inflation pic.twitter.com/e5062PpsM5
— Stats SA (@StatsSA) September 18, 2024
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Compiled by Matthew Petersen
