December’s CPI rate slightly lower at 3.1%

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Statistics South Africa has released the Consumer Price Inflation (CPI) rate for December, which came in slightly lower at 3.1% year-on-year from 3.2% in November.

On a month-on-month basis, CPI was up at 0.2% in December, compared with 0% in November.

The food and non-alcoholic beverages category was the main driver of inflation in December, with a monthly increase of 0,5% and an annual rise of 6,0%. This was up from November’s annual reading of 5,8%.

Three food groups recorded above average annual and monthly price increases in December.

Meat prices rose by 7,3% from a year ago and by 1,2% from November. Stewing beef was 2,9% more expensive than it was in November 2020 and 12,4% more expensive than in December 2019.

Prices in the oils and fats category climbed by 10,2% over 12 months and by 1,6% over one month. Cooking oil prices increased by 11,3% since December 2019 and by 2,9% between November 2020 and December 2020.

Inflation in sugar, sweets and dessert products recorded an annual rise of 8,4% and a monthly rise of 1,1%. White sugar prices increased by 1,1% over the month and by 10,0% over the year.

Below is the full CPI report by Stats SA: