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Consumer price index drops from 5.5% to 5.1%.
The Consumer Price Index (CPI), which is the most commonly used indicator of inflation for December shows a year-over-year decline of 5.1%, down from 5.5% in November, according to newly released data from Statistics South Africa (Stats SA).
In December, the CPI did not change month over month. As a result, the CPI stays within the 3%–6% range of the Reserve Bank’s inflation target.
“”The December release concludes the results for 2023. The average inflation rate for the year was 6,0%, lower than 2022’s 6,9%. Inflation was relatively hot in the first five months of 2023 (January–May), with the headline rate consistently above 6,0%. Inflation eased below this level for the remaining seven months of the year. The highest reading in 2023 was 7,1% in March. The lowest was 4,7%, recorded in July.
Product categories ending the year with annual rates higher than 6,0% in December were food & non-alcoholic beverages (8,5%), restaurants & hotels (7,0%) and health (6,5%).
StatsSA
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The average inflation rate for the year, according to a Stats SA statement, was 6.0%, which is less than the 6.9% recorded in 2022.
Annual consumer price #inflation pulled back in December, easing to 5,1% from 5,5% in November.
— Stats SA (@StatsSA) January 24, 2024
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#StatsSA #CPI pic.twitter.com/eLo27nBt2U
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