Consumer inflation dips to lowest since April ‘22
Stats SA says consumer inflation cooled for the second time, edging down to 6.3% in May, down from the previous months' 6.8%.
Patrick Kelly, the Chief Director for Price Statistics, says the reading is the lowest since April 2022, when the rate stood at 5.9%.
"The annual rate for food and non-alcoholic beverages was 11,8%, lower than April's print of 13,9%. The price index for this category increased by 0,3% between April and May, the lowest monthly reading since November 2021 (0,1%).
"Most food and NAB categories recorded lower annual inflation rates in May, except sugar, sweets & desserts, and cold beverages.
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He says meat prices declined 0.4% between April and May.
"Annual meat inflation slowed to 7,1% from 9,5% in April. On average, meat prices declined by 0,4% between April and May, with notable monthly decreases recorded for stewing beef (down 2,4%), pork (down 1,4%) and beef mince (down 1,3%).
"After peaking at an annual rate of 37,6% in August 2022, the index for oils & fats continued to fall sharply in May, recording a ninth consecutive month of decline. Prices for oils & fats decreased by 2,2% between April and May, pulling the annual rate down to -2,4%.
"Bread & cereals inflation slowed to 18,1% in May from 20,8% in April."
