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Half a dozen eggs in tray.
Consumer price inflation (CPI) continues on a downward trend and has reached its lowest level in more than 3 years.
Data released by Statistics South Africa (StatsSA) shows that the annual Consumer Price Inflation has dropped from 4.4% in August to 3.8% in September.
The main positive contributors to the 3,8% annual inflation rate were housing and utilities, miscellaneous goods and services, and food and non-alcoholic beverages. Transport was the only negative contributor.
On average, prices increased by 0.1% between August and September.
The main positive contributors to inflation were housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages as well as alcoholic beverages and tobacco.
StatsSA says this is the lowest inflation pattern since March 2021, when the rate was 3.2%.
Annual consumer price #inflation cooled for a fourth consecutive month, easing to 3,8% in September from 4,4% in August. This is the lowest inflation print since March 2021, when the rate was 3,2%.
Listen here for more: #StatsSA #CPI pic.twitter.com/XxuoxWPa57
— Stats SA (@StatsSA) October 23, 2024
Inflation below target
Inflation is below the midpoint of the Reserve Bank’s target bracket, supporting a case for another interest rate cut in November.
Food inflation was steady at 4.1 % in the month, with higher rates of price changes recorded for milk, eggs and cheese, sugar and sweets as well as bread and vegetables.
Fuel prices went down in September, with the price of a litre of petrol dropping by 15 cents per litre, while the price of a litre of diesel decreased by 28 cents.
At its recent Monetary Policy Review event, the Reserve Bank said it expected headline inflation to average 4.6% this year, down from the earlier 5.1%.
Tomatoes, condensed milk, eggs and instant coffee continue to witness high annual price increases.
Read more here: https://t.co/vBMTsoVZjK#StatsSA #CPI #inflation pic.twitter.com/p8D0wo4qeJ
— Stats SA (@StatsSA) October 23, 2024
The estimated total number of workers’ trips using public transport decreased significantly from 5,4 million in 2013 to 4,7 million in 2020. Taxis accounted for most public transport users. @Dotransport
Read more here: #StatsSA #OTMSA2024 #NHTS2020 pic.twitter.com/Tk7QTk2ZpT
— Stats SA (@StatsSA) October 23, 2024
Related video | CPI at three-year low, decelerating to 4.6% in July:
Annual consumer price inflation was 3,8% in September 2024, down from 4,4% in August 2024.
The consumer price index increased by 0,1% month-on-month in September 2024.
