South Africa’s CPI drops to 11-month low, offering some relief to consumers
Consumer price inflation (CPI) in South Africa has eased to an 11-month low, according to Statistics South Africa (Stats SA).
On Wednesday, 24 May, Statistics South Africa (Stats SA) announced that the annual consumer price inflation (CPI) rate slowed to the lowest its been since May 2022.
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CPI EASES TO 11-MONTH LOW
The South African annual CPI slowed by three basis points from 7.1% in March to 6.8% in April 2023. Stats SA said this is the lowest the CPI’s been since it sat at 6.5% in May 2022.
One of the key contributors to the CPI decline was the price of food and non-alcoholic beverages, which saw a slight decrease in annual inflation from 14% in March to 13.9% in April.
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Mixed Trends in Essential Food Items
However, bread and cereal increased by 20.8% in the year leading up to April, and a notable increase was observed in the milk, eggs and cheese product group, which recorded an annual increase of 14.5%, the steepest rise in 14 years.
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“The average price of a 2-litre carton of fresh full-cream milk increased from R30,14 to R35,88 in the 12 months to April. Over the same period, the average price of a kilogram of cheddar cheese climbed from R118,24 to R135,11 and a tray of six eggs from R20,38 to R21,59,” said Stats SA.
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