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.
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Following a three-month upswing, headline consumer #inflation cooled to 5,5% in November from 5,9% in October.
Listen here for more: https://t.co/pBDXRIuVWk#StatsSA #CPI pic.twitter.com/44fGQcDuRu
— Stats SA (@StatsSA) December 13, 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%.”
Potato prices continue to heat up, increasing by 64,4% in the 12 months to November.
Read more here: https://t.co/fB6pYUMiFl#StatsSA #CPI #inflation pic.twitter.com/hMEnrAWlaW
— Stats SA (@StatsSA) December 13, 2023
