Consumer inflation falls to 11-month low
There has been some good news for consumers with inflation falling to 6.8% in April after it accelerated to 7.1% in March.
It's the lowest reading in 11 months.
Stats SA's Patrick Kelly says annual inflation for food and non-alcoholic beverages eased to 13.9% in April from 14% the previous month.
The bread and cereal price index increased by 20.8% and the milk, eggs and cheese product group recorded the largest rise in 14 years with a 14,5% climb.
"The average price of a 2-litre carton of fresh full-cream milk increased from R30,14 to R35,88 in the 12 months to April. Over the same period, the average price of a kilogram of cheddar cheese climbed from R118,24 to R135,11 and a tray of six eggs from R20,38 to R21,59.
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"On average, vegetables were 23,1% more expensive in April 2023 compared with April 2022. This is the highest annual rate since November 2007 – more than 15 years ago."
Kelly says transport recorded its ninth successive month of disinflation in April, softening to 7.6%
"This was mainly due to the annual rate for fuel easing to 5,0% – the lowest reading since March 2021 (2,4%).
"The purchase of vehicles category carries a weight of 5,9% in the CPI basket. The annual rate for this category increased to 7,2% in April from 7,0% in March. Breaking this down further, used vehicles are 12,9% more expensive than a year ago. New vehicles witnessed slower inflation, with prices increasing by 6,7% over this period."
