Economists say the cost of living could get cheaper as consumer inflation slowed to 6.3% in May, down from 6.8% in April. This is the lowest it’s been in a year.
Inflation is the rate at which prices increase. Sadly, food inflation remains elevated at 11.8% year-on-year. However, Senior FNB Economist, Koketso Mano, says this is positive news after months of financial turmoil in the markets.
“Consumer price inflation is at 6.3% in May down from 6.8%. Most of this deceleration is coming from the higher base that was created in 2022. So, you would remember that around this time in 2022, we started to see the strong list in food inflation and now because of that higher base, we are starting to see, when you compare that, you see a slow-down in food and fuel inflation and that drove the number lower.”
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