Consumer inflation cools to 3.8% in September

September's reading of 3.8% is the lowest since March 2021 and is down from the 4.4% recorded in August.

Several product groups, such as housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages and alcoholic beverages and tobacco, were positive contributors.

Patrick Kelly, Chief Director for Price Statistics, says all transport-related products recorded softer annual rates in September.

Fuel prices continued to trend downwards, declining for a fourth consecutive month and being, on average, 9% lower than a year ago.

"A litre of inland 95-octane petrol was R22,19 in September, the lowest price since February 2023 (R21,68).1 Price increases for vehicles have also slowed; the annual rate was 3,6% in September 2024, down from a high of 8,4% in September 2023."

Kelly added that annual food inflation remained unchanged.

"Annual food and non-alcoholic beverages inflation was 4.7%, unchanged from August. Softer annual rates were recorded for hot beverages, meat, bread & cereals; sugar, sweets and desserts; and oils and fats. Hot beverages continued to register the highest annual rate among all food & NAB categories (at 15.8%), despite a cooler rate in September when compared with August’s 17.5%. Vegetables, fruit, cold beverages, and fish recorded higher rates in September. Inflation for milk, eggs and cheese was stable.

"On a month-on-month basis, the food and NAB price index increased by 0,6% in September compared with August. This is the highest monthly rise since January this year, when the rate was also 0.6%.

"The alcoholic beverages & tobacco category registered an annual rate of 4.7%, up from 4.3% in August. Beer prices increased by 5.2%, spirits by 4.3% and wine by 4% in the 12 months to September."

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