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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.
Hot beverage inflation continues to burn. The annual rate for instant coffee hit a 19-month high (22,3%) in August 2024.
— Stats SA (@StatsSA) September 18, 2024
Read more here: https://t.co/2L4VjIwdqn #StatsSA #CPI #inflation pic.twitter.com/e5062PpsM5
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.
Transport’s influence on inflation has waned since July 2022, when accounted for 44% of the headline rate. In August 2024, transport accounted for 9%.
— Stats SA (@StatsSA) September 18, 2024
Read more here: https://t.co/2L4VjIwdqn#StatsSA #CPI pic.twitter.com/Zut9w83dMr
