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CPI dips to 7.6% in August

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The monthly increase in the consumer price index (CPI) was 0.2%, the lowest reading since January 2022, says Statistics South Africa (Stats SA).

The decrease was amid fuel prices decreasing by 3.8% between July and August, with petrol falling by 5.0% and diesel by 0.9%.

“This pushed the annual rate for fuel down to 43.2% from 56.2% in July. The welcome decrease in the cost of fuel had an impact on the overall transport index, which declined by 1.0% between July and August,” the agency said.

In contrast to fuel, food inflation continued upwards. The food and non-alcoholic beverages (NAB) index increased by 11.3% in the 12 months to August, higher than the reading of 9.7% in July.

Annual food and NAB inflation has climbed significantly from the recent low of 6.0% in April this year and has remained above 5.0% since October 2020. Nine of the 11 food and NAB categories recorded an annual inflation rate above 8.0% in August.

During this period, bread and cereals registered an increase of 3.1% between July and August, pushing the annual rate from 13.7% to 17.8%. Maize meal increased by 4.8% from July, taking the annual rate to 29.1%. Brown bread registered a monthly rise of 2.2% and cake flour 3.9%.

In a statement, Stats SA said annual meat inflation eased slightly from 9.4% in July to 9.2% in August, with a monthly increase of 0.7%. Annual meat inflation has remained above 8.0% since May 2021.

“Prices for milk, eggs and cheese increased by 2.1% between July and August. Products with higher than average monthly increases include cheddar cheese (3.1%), low fat milk (2.9%) and full cream milk (2.6%).

“Oils and fats hit another annual high – 37.6% in August, up from 36.2% in July. The monthly rate, however, has slowed from its peak of 10.1% in May this year to 1.1% in August.

“Hot beverage prices steamed to their highest annual rate in 64 months at 11.8% (compared with 12.1% in April 2017), stirred up by monthly increases in rooibos tea (7.6%) and instant coffee (3.9%).”

Household cleaning products recorded significant price increases.

“Washing powder is 26.2% more expensive than a year ago. Laundry soap will set you back an additional 33.9%, compared with August last year, and the price of dishwashing liquid has climbed by 13.6% over the same period. Overall, the price index for cleaning and maintenance products increased by 23.4% over the past 12 months,” Stats SA said. – SAnews.gov.za

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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.