By: Natasha Archary
South Africa’s inflation rate has slowed to its lowest level since April 2022, dropping from 6.8% to 6.3%, with food prices finally cooling down.
Economist at Nedbank, Isaac Matshego who broke down what this means to the South African consumer, is optimistic that inflation will drop further to about 5% by the end of the year.
“The inflation figure for May released on 21 June, came out looking better than expected with the market consensus pointing to a 6.5% decline, but it dropped to 6.3%.
That can only mean one thing, that global food inflation and oil prices are lower compared to the second half of last year.
We expect South Africa’s inflation to keep dropping to as low as 5% in the second half of this year.”
Isaac Matshego, Economist at Nedbank
Matshego said food and fuel accounts for the largest portion of the consumption basket, and food inflation in particular has been very sticky for the past few months, so this is good news for consumers.
According to Matshego, the Rand’s beautiful recovery against the US Dollar can be attributed to the inflation rate slowing so significantly.
“The world is facing a lot of pressure now, and encouragingly we’re seeing the sharp inflation pressures from last year easing. This was expected because with weaker demand, inflation had to come down.
The Monetary Policy Committee will announce its decision around the interest rates on 20 July but by then we’ll get June’s Consumer Price Index which we’re expecting to fall to 6%.
High interest rates will hit consumers hard, so we have to wait to see if the South African Reserve Bank will use the current data to drop the interest rates by 25 or 50 basis points, or increase it again.
A weaker Rand does motivate inflation spiking.”
While meat, bread and cereal prices fell, sugar, sweets and desserts remain luxury items for most South African households.
Sugar, sweets and desserts grew more expensive increasing to 11.9% this year until May, from 10.7% in April.
The average price of a slab of chocolate (80 grams) rose from R17.11 to R20.26 over the same period.
For now, oils and fats are now 2.4% cheaper than the same period last year.
Meat prices slowed by 0.4% and dining out at restaurants gets more expensive for the average South African.
Restaurant prices increased by 1.2% between April and May, taking the annual rate for restaurants up to 7.4%.
Also read: National Lotteries Commission clarifies its position on corruption scandals
On the Beat with George Manyosi on Kaya 959. Saturday's, 18pm-21pm.
close
Kaya 959 takes back Sundays with A Touch of Soul, the only show bringing you soul and RnB music that touches your mind, body and spirit. The Best T in the City, T-bose takes you back to a time when music was made to last. A Touch of Soul is the perfect wind-down to your weekend. Sundays 14h00 to 18h00.
close
The Jazz Standard with Brenda Sisane. Sunday's 12:00-15:00.
close
WITH XOLA DLWATI: SATURDAYS 12:00 -15:00 Spade of Hearts is a fuse of love and soulful sounds, pulling at your heartstrings. Tune in for songs that will take you down memory lane. It is the sound that once dominated your playlist. It airs Sundays 12:00 – 15:00.
close
The World Show is informative, expansive, and largely pan-African. This is a musical journey that bridges generations and genres, travelling across continents and timelines, with in-depth interviews and features. ‘The World Show’ is a four-hour global journey through sound – featuring the freshest tracks from home and afar.
close
Real. Familiar. Memorable. Kaya 959 brings you the music you know and love from our playlist. Uninterrupted. Thursdays 20h00 to 21h00
close
THIS PRIVACY STATEMENT FORMS PART OF KAYA 959’S TERMS OF USE POLICY. IF YOU DO NOT AGREE WITH ANY TERM OF THIS PRIVACY STATEMENT, YOU MUST CEASE YOUR ACCESS OF THIS WEBSITE IMMEDIATELY.
POPIA Act – To promote the protection of personal information processed by public and private bodies; to introduce certain conditions so as to establish minimum requirements for the processing of personal information; to provide for the establishment of an Information Regulator to exercise certain powers and to perform certain duties and functions in terms of this Act and the Promotion of Access to Information Act, 2000; to provide for the issuing of codes of conduct; to provide for the rights of persons regarding unsolicited electronic communications and automated decision making; to regulate the flow of personal information across the borders of the Republic; and to provide for matters connected therewith.
RECOGNISING THAT—
AND BEARING IN MIND THAT—
AND IN ORDER TO—
1.1.“Personal Information” means information relating to an identifiable, living, natural person and where it is applicable, identifiable, existing juristic person, including all information as defined in the Protection of Personal Information Act 4 of 2013.
1.2 Parliament assented to POPIA on 19 November 2013. The commencement date of section 1, Part A of Chapter 5, section 112 and section 113 was 11 April 2014. The commencement date of the other sections was 1 July 2020 (with the exception of section 110 and 114(4). The President of South Africa has proclaimed the POPI commencement date to be 1 July 2020.
1.3. “Processing” means the creation, generation, communication, storage, destruction of personal information as more fully defined in the Protection of Personal Information Act 4 of 2013.
1.4. “You” or the “user” means any person who accesses and browses this website for any purpose.
1.4. “Website” means the website of the KAYA 959 at URL www.kaya959.co.za or such other URL as KAYA 959 may choose from time to time.
2.1. KAYA 959 respects your privacy. This privacy policy statement sets out KAYA 959’s information gathering and dissemination practices in respect of the Website.
2.2. This Privacy Policy governs the processing of personal information provided to KAYA 959 through your use of the Website.
2.3. Please note that, due to legal and other developments, KAYA 959 may amend these terms and conditions from time to time.
3.1. By providing your personal information to KAYA 959 you acknowledge that it has been collected directly from you and consent to its processing by KAYA 959.
3.2. Where you submit Personal Information (such as name, address, telephone number and email address) via the website (e.g. through completing any online form) the following principles are observed in the processing of that information:
3.2.1. KAYA 959 will only collect personal information for a purpose consistent with the purpose for which it is required. The specific purpose for which information is
collected will be apparent from the context in which it is requested.
3.2.2. KAYA 959 will only process personal information in a manner that is adequate, relevant and not excessive in the context of the purpose for which it is processed.
3.2.3. Personal information will only be processed for a purpose compatible with that for which it was collected, unless you have agreed to an alternative purpose in writing or KAYA 959 is permitted in terms of national legislation of general application dealing primarily with the protection of personal information.
3.2.4. KAYA 959 will keep records of all personal Information collected and the specific purpose for which it was collected for a period of 1 (one) year from the date on which it was last used.
3.2.5. KAYA 959 will not disclose any personal information relating to you to any third party unless your prior written agreement is obtained or KAYA 959 is required to do so by law.
3.2.6. If personal information is released with your consent KAYA 959 will retain a record of the information released, the third party to which it was released, the reason for the release and the date of release, for a period of 1 (one) year from the date on which it was last used.
3.2.7. KAYA 959 will destroy or delete any personal information that is no longer needed by KAYA 959 for the purpose it was initially collected, or subsequently processed.
3.3. Note that, as permitted by the Electronic Communications and Transactions Act 25 of 2002, KAYA 959 may use personal information collected to compile profiles for statistical purposes. No information contained in the profiles or statistics will be able to be linked to any specific user.
4.1. KAYA 959 may use standard technology to collect information about the use of this website. This technology is not able to identify individual users but simply allows KAYA 959 to collect statistics.
4.2. KAYA 959 may utilise temporary or session cookies to keep track of users’ browsing habits. A cookie is a small file that is placed on your hard drive in order to keep a record of your interaction with this website and facilitate user convenience.
4.2.1. Cookies by themselves will not be used to identify users personally but may be used to compile identified statistics relating to use of services offered or to provide KAYA 959 with feedback on the performance of this website.
4.2.2. The following classes of information may be collected in respect of users who have enabled cookies:
4.2.2.1. The browser software used;
4.2.2.2. IP address;
4.2.2.3. Date and time of activities while visiting the website;
4.2.2.4. URLs of internal pages visited; and
4.2.2.5. referrers.
4.3. If you do not wish cookies to be employed to customize your interaction with this website it is possible to alter the manner in which your browser handles cookies. Please note that, if this is done, certain services on this website may not be available.
5.1. KAYA 959 takes reasonable measures to ensure the security and integrity of information submitted to or collected by this website, but cannot under any circumstances be held liable for any loss or other damage sustained by you as a result of unlawful access to or dissemination of any personal information by a third party.
6.1. KAYA 959 has no control over and accepts no responsibility for the privacy practices of any third party websites to which hyperlinks may have been provided and KAYA 959 strongly recommends that you review the privacy policy of any website you visit before using it further.
7.1. If you have any queries about this privacy policy please contact us by emailing [email protected]
