Consumer inflation creeps up in April
Consumer inflation rose slightly in April to 2.8%, up from 2.7% in March, Statistics South Africa announced on Wednesday.
The Consumer Price Index (CPI) rose 0.3% month-on-month, mainly driven by sharp increases in the cost of meat, cooking oil, margarine, and coffee.
According to Patrick Kelly, Chief Director for Price Statistics at Stats SA, food prices were a major contributor to the rise, especially in the meat category.
"Inflation for food and non-alcoholic beverages (NAB) rose to 4.0%, the highest annual rate since September 2024 (4.6%). The monthly change for the category was 1.3%, the largest increase since October 2023, when the rate was 1.5%,” he said.
"The rise in food & NAB inflation was mainly due to higher meat prices, particularly for beef products such as stewing beef, mince and steak. Meat prices increased by 2.3% on average between March and April, the highest monthly rise since January 2023 (2.5%). Meat is the largest weighted group in the food & NAB category and accounts for 5.1% of total household spending."
Other everyday essentials like oils, margarine, and especially coffee also saw notable price increases.
"The price index for oils and fats increased by 1.4% between March and April, taking the annual rate to 4.8%. Cooking oil is 6.1% and brick margarine is 5.5% more expensive than a year ago,” Kelly explained.
"Annual inflation for hot beverages rose to 15.2%, the highest print since September 2024 (15.8%). Instant coffee continues to record the highest rate within this category, with prices increasing by 20.2% in the 12 months to April. Coffee prices are elevated across the globe. The World Bank commodity index for coffee beans (robusta) increased by 28.1% over the same period."
Inflation in alcoholic beverages and tobacco also climbed, with an annual increase of 4.7%, up from 4.1% in March.
The month-on-month increase, however, slowed slightly to 1.3%, compared to 1.6% in March, likely due to the lingering effects of excise tax hikes.
On a more positive note, fuel prices continued to ease, offering relief at the pumps.
"On average, fuel prices declined by 3.2% between March and April. Overall, motorists are paying 13.4% less for fuel than a year ago. The price for a litre of inland 95-octane petrol softened to R21.62 from R22.34 in March. The average price for diesel eased to R21.94 from R22.80," said Kelly.
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