Consumer inflation eases again in December
Headline consumer inflation decreased to 5,1% in December from 5,5% in November and 5,9% in October, Stats SA announced on Wednesday.
The latest release shows that the average inflation rate for the year was 6%, lower than 2022’s 6,9%
Chief Director for Price Statistics at Stats SA, Patrick Kelly, said the consumer price index (CPI) remained unchanged month-on-month in December.
" Inflation was relatively hot in the first five months of 2023 (January–May), with the headline rate consistently above 6%. Inflation eased below this level for the remaining seven months of the year.
“The highest reading in 2023 was 7,1% in March. The lowest was 4,7%, recorded in July,” added Kelly.
The 8,5% inflation rate for food and non-alcoholic beverages was lower than November’s 9%.
"Inflation softened for five food & NAB sub-categories: bread & cereals; oils & fats; sugar, sweets & desserts; vegetables; and hot beverages,” Kelly said.
“The bread and cereals price index declined by 0,2% between November and December, lowering the annual rate for this category to 7,5%.
“Maize meal prices eased by 0,9% over the same period, with the average price of a bag of maize meal 2,5 kg declining from R37,04 in November to R36,64 in December.
“Inflation for oils & fats remained in deflationary territory, recording an annual change of -5,9% in December.
Cooking oil prices dropped by 1,6% between November and December," he said.
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