Cape Town — The Consumer Price Index (CPI) had increased to 2.8% in the 12 months leading up to October 2024, a sharp decline from the 3.8% recorded in September 2024.
The latest data from StatsSA showed that October’s inflation rate is the lowest since June 2020, at the height of the COVID-19 pandemic, when the rate stood at just 2.2%. The continuous falling fuel prices continue to be the primary factor behind the slowed inflation rates, as petrol and diesel declined by 5.3% between September and October, taking the annual rate to -19.1%.
The aggregate transport index decreased by 5.3% annually, pulling overall inflation down by 0.8%, while the annual inflation for food and non-alcoholic beverages (NAB) decreased to just 3.6%, the lowest since November 2019, after remaining steady between 4.5 and 4.7% for six months.
Sugar, sweets & desserts and cold beverages remained the only food and NAB items not to decrease. Bread and Cereal declined by 0.5% between September and October, bringing the annual rate down to 4.6%, with most products recording declines.
Maize meal decreased by 2%, a third consecutive decline, while consumers also paid less on average for spaghetti, macaroni, rice and samp.
Consumer price #inflation cooled for a fifth consecutive month, easing to 2,8% in October from 3,8% in September. This is the lowest inflation print since June 2020, when the rate was 2,2%.
Listen here for more: https://t.co/VOVr9pgi9N#StatsSA #CPI #GovZAupdates pic.twitter.com/XFaqebLflD
— Stats SA (@StatsSA) November 20, 2024
The annual inflation for cheese, milk and eggs dipped to 4.1% (6.9% in September) while the monthly rate for milk, yoghurts and cheddar cheese stood at -0.2%. However, the price of custard, sour milk and mageu was higher.
Sugar, sweets & desserts stood at 6.9% annually, a significant drop compared to 18.5% in February 2024, however it rose1.0% between September and October, with chocolates, jam and white sugar recording the highest increases.
Hot beverages registered the highest inflation rate among food and NAB categories (14.1%) but eased from 17.6% in July 2024, while the monthly rate stood at 0.8% for October. Instant coffee, drinking chocolate and black tea recorded the biggest increases/
Cold beverages increased by 1.1% between September and October, pushing the annual rate up to 7% while the price of fizzy drinks and mineral water showed the largest increases. Dairy blends and fruit juices were much cheaper.
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Compiled by Matthew Petersen
