Stats SA notes that food and soft drinks made the main contribution to the increase in the annual inflation rate.
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JOHANNESBURG – Consumer price inflation (CPI), now at 7.6%, rose slightly in the latest Stats SA data.
October’s figure was up from 7.5% in the previous month.
Such data were published on Wednesday by the main statistics of the country.
Annual consumer price #inflation was 7.6% in October against 7.5% in September. Monthly increase c # CPI in October was 0.4%.
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Statistics SA (@StatsSA) November 23, 2022
Stats SA notes that food and soft drinks made the main contribution to the increase in the annual inflation rate.
Dairy products are among the food categories that have recorded high levels of inflation, with milk, eggs and cheese increasing by 10.5% annually.
This is the highest figure since February 2017, when milk, eggs and cheese recorded annual growth of 10.7%.
Stats SA said fuel inflation continued to ease, adding that lower petrol prices had led to a third month in a row of declines in the fuel index.
The annual inflation figures come ahead of the South African Reserve Bank’s interest rate announcement.
Inflation of 7.6% overruled some economists’ forecasts of a slight decline in prices, raising concerns that rising inflation could lead to higher interest rates.
Meanwhile, the monthly increase in the consumer price index for October was 0.4% from 0.1%.
