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CPI slows for a third consecutive month

Annual consumer price inflation slowed for a third consecutive month, coming in at 4.4% in August, down from 4.6% in July. Statistics South Africa said month-on-month, CPI increased by 0.1% in August 2024.

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Annual consumer price inflation slowed for a third consecutive month, coming in at 4.4% in August, down from 4.6% in July.

Statistics South Africa said month-on-month, CPI increased by 0.1% in August 2024.

Patrick Kelley, the chief director for price statistics, says this was the lowest inflation print since April 2021, when the rate was also 4.4%.

"Lower annual rates were recorded for several product groups, most notably transport, housing, and restaurants and hotels. In contrast, inflation for food and non-alcoholic beverages and alcoholic beverages and tobacco, edged higher in August," he said.

Kelley noted that all transport-related products recorded softer annual inflation rates in August, with fuel prices continuing to trend downwards, declining for a third consecutive month.

 

Meanwhile, he said after an eight-month downward trend, annual inflation for food and non-alcoholic beverages picked up in August, rising to 4.7% from 4.5% in July.

He said product groups such as bread and cereals, meat, oils and fat, fish and milk, eggs and cheese registered higher annual rates of inflation in August.

However, Kelley said lower rats were recorded for sugar, sweets and deserts and both hot and cold beverages.

"Annual bread and cereals inflation quickened for a third successive month. Rice had the larges annual price increase, up 17.3%. The monthly rise in bread and cereals was 0.4%," he added.