Consumer inflation dips below 7% in January
Consumer inflation eased to 6.9% in January, Statistics South Africa announced on Wednesday.
The CPI slowed to 6.9% from 7.2% in December.
The lower inflation is good news for most South Africans who are struggling to stay financially afloat due to the increase in the cost of living.
The consumer price index decreased by 0.1% month-on-month in January 2023.
As has been the case for most of 2022, CPI is being driven by rising food prices, housing, high fuel prices and various goods and services.
According to Stats SA, housing and utilities increased by 4,1% year-on-year and contributed 1.0 percentage point. Transport increased by 11,1% year-on-year and contributed 1.6 percentage points.
Various goods and services increased by 4.8% year-on-year and contributed 0.7 of a percentage point.
In January, the annual inflation rate for goods was 9.5%, down from 10.1% in December and for services it remained unchanged at 4.3%.
