
Inflation has increased for a 3rd consecutive month to 5.9% in October
October saw a jump in consumer price inflation (CPI) to 5.9%, marking the third consecutive month of increases.
It has increased from 5.4% in the preceding month. The most recent CPI figure was made public by Statistics South Africa on Wednesday.4
The data was released a day before the Monetary Policy Committee (MPC) meeting to discuss the final repo rate decision for 2023.
StatsSA claims that one of the things that made October’s cost increases for consumers even more was rising food prices.
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According to Stats SA, the avian flu outbreak has put more upward pressure on the prices of products related to poultry, such as eggs. Millions of chickens were culled, which caused shortages in the market and panic buying from nervous customers.
“Annual consumer inflation increased for a third consecutive month in October, verging on the upper limit of the South African Reserve Bank’s inflation target range.”
“Milk, eggs and cheese inflation quickened to 12,4% from 11,2% in September. Egg prices rose sharply in October, with the price index increasing by 13,4% from September. This pushed the annual rate to 24,4%.
“Consumer prices increased on average by 0,9% between September and October, the highest monthly rise in three months,” said Stats SA.
Statistics South Africa (StatsSA)
Annual consumer inflation increased for a third consecutive month in October, rising to 5,9% from 5,4% in September.
— Stats SA (@StatsSA) November 22, 2023
Read more here: https://t.co/zpKLYxWFZr #CPI #StatsSA pic.twitter.com/OGeciQcV2e
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