Statistics South Africa’s newly released data shows that the annual Consumer Price Index eased marginally to 7.4 % in November, from 7.6 % in October 2022.
On a month-on-month basis, CPI came in at 0.3 % in November, compared with 0.4 %per cent in October.
The main contributors to the 7.4 % inflation rate were food and non-alcoholic beverages, housing and utilities, transport, as well as miscellaneous goods and services.
The inflation rate remains above the Reserve bank’s 3 to 6 % target range.
According to Laura Campbell an economist at Econometric. “South Africa remains in a global inflationary cycle driven by their war. This is particularly evident on the food price front. Food prices rose in October to a new decade long high. We did see fuel inflation come down in November, we’re seeing oil prices come down further which will contribute to bring inflation down in the coming months. Looking ahead we can expect a further decline in inflation.”
Video: SA consumer prices inflation rises to 7,6%