S. Africa’s inflation up to 2.9% in Nov.

South Africa’s annual inflation edged up to 2.9 per cent in November, slightly higher than 2.8 per cent in October, with no change in the consumer price index (CPI) month-on-month (MoM), Statistics South Africa reported on Wednesday.

Food inflation saw a significant decline, dropping to 2.3 per cent, the lowest since December 2010, with eight of 11 food categories showing reduced prices. Notably, inflation for milk, eggs, and cheese fell to a nearly five-and-a-half-year low, and egg prices even turned deflationary, dropping to 3.7 per cent.

Fuel prices rose by 0.9 per cent month-on-month, while the restaurant and hotel sector saw a 5.9 per cent annual increase. Inflation continued to impact lower-income households the most, with the poorest experiencing an inflation rate of 3.8 per cent, significantly higher than the wealthiest households, which saw a 3.0 per cent increase. Provincially, Western Cape recorded the highest inflation at 3.4 per cent, while Limpopo and Mpumalanga had the lowest at 2.4 per cent and 2.5 per cent, respectively.

Attribution: Consumer Price Index November 2024

Subediting: Y.Yasser