CPI dips for fifth consecutive month
Consumer inflation dipped for the fifth month in a row, easing to 2.8 per cent in October.
The sharp decline from September's 3.8 per cent marks the lowest level since June 2020.
The CPI affects the cost of an average household food basket.
Stats SA's Chief Director for Price Statistics, Patrick Kelly, has attributed the decrease mainly to the drop in fuel costs.
"Petrol and diesel prices declined by 5,3% between September and October, taking the annual rate for fuel to -19,1%. The price for inland 95-octane petrol in October was R21,05, the cheapest since February 2022 when the price was R20,14.1 The aggregate transport index decreased by an annual 5,3%, pulling overall inflation down by 0,8 of a percentage point."
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He says inflation eased for most food items and non-alcoholic beverages except for sugar, sweets and desserts in October.
"The price index for bread and cereals declined by 0,5% between September and October, dragging the annual rate down to 4,6%."
Kelly says the price of maize meal decreased by two per cent for the third consecutive month.
"Annual inflation for milk, eggs and cheese dipped steeply to 4,1% in October from 6,9% in September."
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