IMPROVING LIVES THROUGH DATA ECOSYSTEMS

Consumer price inflation picked up slightly in October, rising to 7,6% from 7,5% in September. The monthly increase in the consumer price index (CPI) was 0,4%, up from 0,1%.

Bread & cereals, meat and dairy drive food prices higher

The annual rate for food and non-alcoholic beverages edged higher to 12,0% from 11,9% in September. The bread and cereals category continues to witness high levels of inflation, with the annual rate increasing to 19,5% from 19,3% in September. Large monthly price increases were recorded for sweet biscuits (5,5%), macaroni (3,1%) and maize meal (1,7%).

Annual meat inflation also quickened in October, rising to 10,5% from 9,9% in September. Beef prices registered large monthly increases, most notably steak (2,5%), stewing beef (1,2%) and mince (1,1%).

The dairy index (milk, eggs & cheese) registered an annual increase of 10,5%, the highest rate since February 2017 (10,7%). Products recording significant monthly increases include long life full cream milk (3,5%), fresh full cream milk (1,8%) and cheddar cheese (1,2%).

Hot beverage prices increased by 14,0% in the twelve months to October, the highest annual reading since February 2017 (14,3%). Instant coffee recorded a monthly increase of 2,1% and black (Ceylon) tea 3,4%.

Oils & fat products, which drove food inflation higher for many months, bucked the trend in October. The category recorded a second consecutive month of disinflation, with prices falling by 1,0% after a decrease of 6,1% in September. This took the annual rate to 25,7% from 29,0% in September.

Fuel inflation continues to decline as used vehicle prices rise

The annual change for the transport index was 17,1%, softer than September’s reading of 17,9%. Annual vehicle inflation climbed to 6,1% from 5,8% in September on the back of higher used vehicle prices. Used vehicles are on average 14,5% more expensive than a year ago, representing the highest annual rate since the current CPI series began in 2009.

Lower petrol prices saw the fuel index decline for a third consecutive month. This took the annual rate for fuel to 30,1% in October from 34,1% in September, decreasing further from the 56,2% peak recorded in July. A litre of unleaded 95-octane petrol (inland) was R22,36 in October, lower than the record high of R26,74 in July.¹

Other notable price changes in October

Inflation for household detergents continued to increase, with washing powder reaching an annual rate of 30,3% and dishwashing liquid 16,2%. Bath soap prices increased by 21,3% and toothpaste prices by 20,8% in the twelve months to October.

Health insurance premiums increased by 4,8% in October 2022 compared with October 2021, higher than the annual reading of 3,5% recorded in September.

For more information, download the October 2022 CPI statistical release, time series data and average product prices here.

¹ Department of Mineral Resources and Energy. Comparing prices for petrol, diesel and illuminating paraffin (IP) (click here).

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