Cape Town — The Annual consumer inflation rate has eased for a fourth consecutive month easing from 4.4% in August to 3.8% in September, dropping below 4%.
StatsSA revealed in a statement that it is the lowest inflation print since March 2021, when the rate stood at 3.2%. On average, the prices increased by 0.1% between August and September.
Softer transport inflation, namely lower fuel prices, were the main points for reduction as the transport category entered deflationary territory for the first time since August 2023. The annual rate now stands at -1.1% from 2.8% in August.
Fuel prices also dropped for a fourth successive month and is 9% lower than it was one year ago, as the inland price of 95 unleaded is R22.19 per litre, the lowest since February 2023 (R21.68).
“Price increases for vehicles have also slowed; the annual rate was 3,6% in September 2024, down from a high of 8,4% in September 2023,” it said.
Annual consumer price #inflation cooled for a fourth consecutive month, easing to 3,8% in September from 4,4% in August. This is the lowest inflation print since March 2021, when the rate was 3,2%.
Listen here for more: https://t.co/0V8NG6NSZ7 #StatsSA #CPI pic.twitter.com/XxuoxWPa57
— Stats SA (@StatsSA) October 23, 2024
Meanwhile, the price of annual food and non-alcoholic beverages (NAB) remained unchanged from August, which included softer rates for hot beverages, meat, bread & cereals and sweets & deserts. Fruit, vegetables, cold beverages and fish recorded higher rates in September while milk, eggs and cheese remained stables.
Alcoholic beverages and tobacco recorded an annual rate of 4.7% (4.3% in August) while beer, spirits and wine increased by 5.2%, 4.3% and 4% respectively.
Other notable prices include an increase in actual rentals (3.3%) in the third quarter, 2.9% for imputed rentals while the rate for flat rentals stood at 4.1%, townhouses at 3.8% and houses at 2.8%.
Domestic worker wages (also surveyed quarterly) rose by an annual 4,1% in the third quarter. This is up from an annual increase of 3,9% recorded in the second quarter.
Tomatoes, condensed milk, eggs and instant coffee continue to witness high annual price increases.
Read more here: https://t.co/vBMTsoVZjK#StatsSA #CPI #inflation pic.twitter.com/p8D0wo4qeJ
— Stats SA (@StatsSA) October 23, 2024
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Compiled by Matthew Petersen
