Drop in fuel price slows inflation

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The year has ended on a positive note for consumers after a decrease in the fuel price led to the latest inflation print which shows an easing of prices of goods in November.

Newly released Statistics South Africa (Stats SA) data shows the consumer price index decline from 5.9% in October to 5.5% in November 2023.


The data indicates that contributions to the 5.5% inflation rate came from food and non-alcoholic beverages, housing and utilities and miscellaneous goods and services, as well as transport.

Stats SA’s Patrick Kelly elaborates, “This decline was mainly due to a decrease of 5.5% in the fuel price index which drove the annual rate for fuel lower to 1.8% in November from 11.2% in October. Annual inflation for food and non-alcoholic beverages accelerated to a four-month high of 9%. Meat inflation, the avian flu outbreak continues to disrupt the poultry market. The annual rate for IQF chicken was 7.3% in November, up from 5.5% in October. Egg prices continue to surge jumping by a monthly 10.6%.”