Bread, cereals, meat and dairy drive up meals inflation – Statistics South Africa

Because the nation waits with bated breath to see if the South African Reserve Financial institution (Sarb) will increase the repo charge on Thursday, which is probably going, Stats SA mentioned dairy costs have been one of many meals classes persevering with to drive increased ranges of inflation.

Here is what you want to know.

Meals inflation in South Africa

milk, eggs and cheese

The newest figures present an annual progress charge of 10.5 per cent for milk, eggs and cheese.

That was the best charge since February 2017 at 10.7%.

Shopper Worth Inflation (CPI)

Within the newest report from Stats SA, knowledge additionally confirmed that client value inflation (CPI) was now at 7.6% in October, up from 7.5% in September.

Statistics SA chief government Patrick Kelly mentioned meals and transport prices have been among the many important causes for the rise in annual inflation.

“Bread and cereals, meat and dairy have been the primary product classes driving meals inflation, which edged as much as 12% from 11.9% in September”.

“The bread and cereal class continued to see excessive inflation, with annual progress rising to 19.5% from 19.3% within the earlier month.”

Additionally learn: Inflation rises, repo charge prone to observe, 75 bps hike

petrol value

Kelly additionally mentioned decrease gasoline costs led to a 3rd straight month-to-month decline within the gas index.

“This introduced the gas annual progress charge all the way down to 30.1% in October from 34.1% in September, down from a peak of 56.2% in July.”

“A liter of unleaded 95-octane gasoline (Outback) was priced at R22.36 in October, down from a file excessive of R26.74 set in July.”

Medical insurance

Medical insurance premiums additionally rose 4.8% in October 2022 in comparison with October 2021, Kelly added, up from the three.5% annual studying recorded in September.

Different Notable Worth Adjustments in October

Bureau of Statistics Inflation for family detergents has additionally continued to rise, with annual progress charges of 30.3% for laundry detergent and 16.2% for dishwashing liquid, mentioned the report.

“Bathtub cleaning soap costs rose 21.3 per cent and toothpaste costs rose 20.8 per cent within the twelve months to October,” it mentioned.

Additionally learn: Nearly half of SA customers wouldn’t hesitate to lie about mortgage, insurance coverage claims

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