Annual consumer price inflation slowed marginally to 7.5% in September from 7.6% in August, edging down further from the 13-year high of 7.8% recorded in July.
The easing of inflation was mainly driven by fuel prices declining for a second consecutive month, contributing to the softer headline rate.According to Stats SA, for much of this year, inflation has been driven mainly by sharp increases in food & non-alcoholic beverages and fuel prices.
Fuel prices declined by 6.4% between August and September. This slowed the annual rate to 34.1%, which is down from the high of 56.2% reported in July. Stats SA noted that the 0.5% monthly increase was lower than the 1.8% monthly rise recorded in August, pointing to signs of food inflation slowing.The annual rate for bread & cereals accelerated to a 13-year high of 19.3% in September. Annual meat inflation increased from 9.2% to 9.9% – however, both increases were lower than in the previous month.
Prices for sunflower oil decreased by 8.0 percentage points in the month, with the average price of a 750 ml bottle of cooking oil falling to R41.38 from a high of R45.33 in July.
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