South African consumers are expected to feel some relief as inflation eases from 7.1% to 6.8% in April, defying earlier forecasts that indicated a potential increase. This latest figure marks the lowest recorded reading since May 2022, when the rate was 6.5%.
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According to the Department of Statistics South Africa, the annual inflation rate for food and non-alcoholic beverages decreased slightly to 13.9% from 14.0% in March, while the price index for bread and cereals rose by 20.8% over the twelve-month period. A slight rise from March but lower than the peak of 21.8% in January.
‘The milk, eggs & cheese product group recorded an annual price increase of 14,5% – the largest rise in 14 years (since January 2009). The average price of a 2-litre carton of fresh full-cream milk increased from R30,14 to R35,88 in the 12 months to April. Over the same period, the average price of a kilogram of cheddar cheese climbed from R118,24 to R135,11 and a tray of six eggs from R20,38 to R21,59.’
‘On average, vegetables were 23,1% more expensive in April 2023 compared with April 2022. This is the highest annual rate since November 2007 – more than 15 years ago! Products pushing up the rate include onions (up 52,8%), carrots (up 29,8%), peppers (up 25,0%) and potatoes (up 24,4%).’
‘Coffee lovers are feeling the pinch too. Annual inflation for non-alcoholic beverages was 10,4% in April, the highest rate since January 2010. Products that registered higher than average price changes were ground coffee or beans (up 17,8%), instant coffee (up 14,8%), dairy blends (up 19,2%) and fruit juices (up 16,5%).’
‘Meat and oils & fats are bucking the trend. Those who enjoy their steak will be glad to know that meat inflation slowed for a second consecutive month, cooling to 9,5% from 10,6% in March. Inflation for oils & fats slowed for an eighth consecutive month, tumbling from 16,0% in March to 9,9% in April. The last time this rate was in single-digit territory was November 2020,’ the report stated.
The graphs below show the price indices that recorded notable increases in April.
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