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Annual consumer price inflation was 5.1% in June 2024, down from 5.2% in May.
Statistics South Africa said on the month, CPI increased by 0.1% month-on-month in June.
The main contributors to the inflation rate were; housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages, and transport.
Statistics South Africa said in June the annual inflation rate of goods was down 5.5% down from 5.7%, while services were down 4.6% from 4.7% in May.
Annual consumer #inflation softened to 5,1% in June from 5,2% in May. The monthly rate in June was 0,1%.
— Stats SA (@StatsSA) July 24, 2024
Listen here for more: https://t.co/ntjc2G2R0J #StatsSA #CPI pic.twitter.com/GLgzT9OX8y
Stats SA's Patrick Kelley, said inflation has remained within the five to six percent target range set by the Reserve Bank for the past 10 months.
He said after stalling at 4.7% percent in April and May, the annual rate for food and non-alcoholic beverages edged lower to 4.6% in June, declining from its recent peak of 14% in March, 2023.
"June's reading is the lowest since September, 2020, that's 45 months ago at the peak of the Covid19 lockdowns when the rate was 3.8%," Kelley said.
He said the monthly rate for CPI was 1.5%, with notable monthly increases for maize products such as maize meal, up 3.3%, and samp up 3%. Kelley said for context, the Producer Price Index for manufactured maize products recorded a 7.2% monthy increase in May.
The milk, eggs and cheese category experiences six months of lower inflation with the rate for June 7.3%, down from its high of 14.5% in December 2023.
Prices for savoury biscuits, hot cereals and instant noodles increased sharply between May and June.
— Stats SA (@StatsSA) July 24, 2024
Read more here: https://t.co/M2cy5A70we
#StatsSA #CPI #inflation pic.twitter.com/YGCFilHeN1
