SA’s inflation cools slightly to 7.5%
Food prices cooling down
This was partly due to lower fuel prices, after petrol and diesel prices were lowered at the start of September.
Annual consumer price inflation cooled to 7.5% in September from 7.6% in August, which was slightly better than economists expected.
Still, it’s clear that South Africans continue to suffer from eye watering price increases.
Annual food and non-alcoholic beverage inflation increased to 11.9% from 11.3% in August, with bread and cereal prices up 19.3% from a year before – the biggest increase in 13 years.
Still, Statistics South Africa says that food prices are showing signs of cooling down. The 0.5% monthly increase in food and beverage prices was lower than the 1.8% monthly rise recorded in August.
Prices for sunflower oil slumped by 8.0% in a single month, with the average price of a 750ml bottle of cooking oil falling to R41.38 from a high of R45.33 in July. "Despite this decrease, the price is still significantly higher than the R30.98 consumers paid in September 2021," noted Statistics SA.
Annual meat inflation was 9.9%, but the monthly change slowed from 0.7% to 0.5%. However, September’s inflation data showed worrying increases in other prices.
Personal care products were 8.3% higher than a year ago - the highest annual increase since December 2009. The monthly increase for personal care products was 1.9%, more than double the 0.8% recorded in August, Statistics SA reported.
Clothing and footwear prices rose by 2.8% from September 2021, the fastest annual increase in more than four years.
The latest consumer inflation number also includes rental data, which showed an annual increase of 2.8%, the highest reading since before the pandemic, in February 2020.
The annual consumer inflation number of 7.5% is lower than the 7.6% median expectation of the 13 economists that Bloomberg surveyed.
Prices also rose by only 0.1% from August to September, from a monthly rise of 0.2% in August.
This was partly due to lower fuel prices, after petrol and diesel prices were lowered at the start of September. This slowed the annual fuel price inflation rate to 34.1%, down from a high of 56.2% reported in July.-Fin24
Still, it’s clear that South Africans continue to suffer from eye watering price increases.
Annual food and non-alcoholic beverage inflation increased to 11.9% from 11.3% in August, with bread and cereal prices up 19.3% from a year before – the biggest increase in 13 years.
Still, Statistics South Africa says that food prices are showing signs of cooling down. The 0.5% monthly increase in food and beverage prices was lower than the 1.8% monthly rise recorded in August.
Prices for sunflower oil slumped by 8.0% in a single month, with the average price of a 750ml bottle of cooking oil falling to R41.38 from a high of R45.33 in July. "Despite this decrease, the price is still significantly higher than the R30.98 consumers paid in September 2021," noted Statistics SA.
Annual meat inflation was 9.9%, but the monthly change slowed from 0.7% to 0.5%. However, September’s inflation data showed worrying increases in other prices.
Personal care products were 8.3% higher than a year ago - the highest annual increase since December 2009. The monthly increase for personal care products was 1.9%, more than double the 0.8% recorded in August, Statistics SA reported.
Clothing and footwear prices rose by 2.8% from September 2021, the fastest annual increase in more than four years.
The latest consumer inflation number also includes rental data, which showed an annual increase of 2.8%, the highest reading since before the pandemic, in February 2020.
The annual consumer inflation number of 7.5% is lower than the 7.6% median expectation of the 13 economists that Bloomberg surveyed.
Prices also rose by only 0.1% from August to September, from a monthly rise of 0.2% in August.
This was partly due to lower fuel prices, after petrol and diesel prices were lowered at the start of September. This slowed the annual fuel price inflation rate to 34.1%, down from a high of 56.2% reported in July.-Fin24
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