Inflation in South Africa is predicted to increase slightly in December 2024 due to a rise in fuel prices and other household expenses. Economists anticipate a moderate uptick in the annual inflation rate to 3.2% from November's 2.9%. This increase is attributed to factors such as higher fuel prices, quarterly survey-based increases in rentals, domestic worker wages, and motor vehicle insurance.
is expected to tick up slightly following a fuel price hike and a rise in other household expenses recorded in December 2024.
Her comments come as Statistics South Africa prepares to release the December inflation numbers this morning. Kruger says, “My forecast is a small uptick to 3.2% on an annual basis compared to November’s 2.9% based on a 0.3% monthly increase. Overall it’s a moderate increase in fuel prices but also a high survey month, that’s quarterly surveys, for rentals and equivalent rent, domestic worker wages and motor vehicle insurance. All of those will impact on the number.”
She adds: “Quarterly inflation is expected to tick up to 3.8% on an annual basis compared to 3.8% in November. December’s numbers are likely to confirm that inflation remains under control in South Africa, however, factors such as the depreciation on the rand exchange rate and upward pressure on the international oil price factors likely to impact the outlook into 2025.
INFLATION SOUTH AFRICA FUEL PRICES HOUSEHOLD EXPENSES ECONOMIC OUTLOOK
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