South Africa Records Decline in Inflation Rate, the Lowest Since 2021
Photo: News Central TV
October 24, 2024 Hour: 6:02 pm
In South Africa, the inflation rate fell from 4.4% in August to 3.8% in September, marking the lowest figures since early 2021, according to the released by the Department of Statistics of the country (STATSSA).
Related:
Lula’s Candidate for Brazil’s Central Bank Pledges to Fight Inflation
“Annual consumer inflation cooled for a fourth consecutive month, easing to 3,8% in September from 4,4% in August. This is the lowest inflation print since March 2021, when the rate was 3,2%. On average, prices increased by 0,1% between August 2024 and September 2024,” said the STATSSA.
The Department pointed out that transport inflation, specifically lower fuel prices, was the main drag on the global figures rate, and transport category entered deflationary territory for the first time in 13 months, with the annual rate falling from 2,8% in August to -1,1% in September.
“Fuel prices dropped for a fourth successive month and are on average 9,0% 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)” the South African statistics official said.
About food and non-alcoholic beverages the Department recorded inflation was 4,7%, unchanged from August. Hot beverages saw the highest annual inflation rate in the food and non-alcoholic beverages (NAB) category at 15.8%, though lower than August’s 17.5%.
Softer annual rates were recorded for meat, bread & cereals, sugar, and oils. Vegetables, fruit, cold beverages, and fish saw higher rates, while inflation for milk, eggs, and cheese remained stable.
Month-on-month, the food & NAB price index rose 0.6% in September, the highest increase since January. Alcoholic beverages & tobacco prices increased annually by 4.7%, with beer up 5.2%, spirits 4.3%, and wine 4.0%.
Products like tomatoes, condensed milk, eggs, and instant coffee saw the largest annual price increases.
Autor: OSG
Fuente: The Voice of the Cape - Department of Statistics South Africa
