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Fin24 reports that consumer inflation in October picked up to 7.6% year-on-year, from 7.5% recorded in the previous month. Economists had expected inflation to ease to 7.4%.
Stats SA released the figures on Wednesday, which showed a 0.4% month-on-month increase in October. The main contributors to inflation were food and nonalcoholic beverages, which increased 12% on a year-on-year basis and transport, which was up 17.1%. Housing and utility prices were up 4.3% on a year-on-year basis, and also contributed to the increase. Patrick Kelly, chief director for price statistics, explained that breads, cereals, meat and dairy were the key product groups which drove food inflation. Annual meat inflation rose to 10.5% from 9.9% in September and milk, eggs and cheese prices saw an increase of 10.5% – the highest rate since February 2017. The oil and fat products category, which had driven food inflation higher for many months, recorded its second consecutive month of disinflation. Transport inflation was driven by vehicle prices – which climbed to 6.1% from 5.8% in September. This was mainly due to higher used vehicle prices – which were, on average, 14.5% more expensive than a year ago. Lower petrol prices saw fuel inflation decline for a third consecutive month.
- Read the full original of the report in the above regard by Lameez Omarjee at Fin24
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