CPI drops to lowest level in two years
Consumer inflation has dropped to its lowest level in two years.
Stats SA says annual consumer price inflation slumped to 4,7% in July, down from 5,4% in June.
Chief Director for Price Statistics Patrick Kelly says consumer prices increased on average by 0,9% from June to July.
"After peaking in July 2022, fuel prices began to ease. Inland 95-octane petrol receded to R22,46 per litre in July 2023. For a vehicle with a 50-litre fuel capacity, this translates to a saving of R214.
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“The decline in fuel prices weakened the upward push of transport on consumer inflation. The annual rate for fuel was negative at -16,8% in July 2023. This dragged the transport category down into negative territory for the first time since January 2021.
"Food inflation has also eased, but not as quickly as transport. The annual rate for the food & non-alcoholic beverages category was 9,9% in July, lower than June’s print of 11,0%."
