Consumer inflation eases in November

It follows three months of steady increases.  

Stats SA's Patrick Kelly explained the decline is due to a decrease of 5,5% in the fuel price index. 

He says annual inflation for food and non-alcoholic beverages moved up to a four-month high of 9%.

"Meat inflation crept up to 3,5% from 3,4% in October. The outbreak of avian flu continued to disrupt the poultry market. The annual rate for IQF (individual quick frozen) chicken was 7,3% in November, up from 5,5% in October. Non-IQF frozen chicken recorded an annual rate of 9,1% in November. 

"Egg prices continued to boil, heating by a monthly 10,6%. This pushed the annual rate for eggs higher to 39,9% from 24,4% in October. Fruit products recorded an annual increase of 11,5% in November, the highest reading since December 2020 when the rate was 11,8%."

Kelly says sugar, sweets and desserts are currently at 18,5%, up annually from 17,6%. 

"In the 12 months to November, prices for white sugar increased by 21,4%, brown sugar by 23,7% and chocolate slabs by 11,8%. Annual inflation for bread & cereals declined for a seventh consecutive month, edging lower to 8,5% from 8,8% in October. Vegetable inflation eased, too, cooling slightly to 23,5% from 23,6% in October. 

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"Onion prices declined for a fifth straight month, decreasing by 6,1% in November compared with October. Consequently, the annual rate for onions cooled to 2,5%. This reading is much lower than the eye-watering peak of 64,5% recorded in June this year.

"The price index for hot beverages rose by 11,4% from 12 months to November. Apart from August 2023, the annual inflation rate for instant coffee has occupied double-digit territory since March 2022."