Inflation slowed down to 7.6% from 7.8% in July 2022 on the back of dropping fuel prices, Stats ZA said.
According to the official government body, fuel prices decreased by 3.8% between July and August 2022, with petrol falling by 5.0% and diesel by 0.9%. As a result, the annual rate for fuel went down to 43.2% from 56.2% in July 2022. This also played an impact on transportation prices, which declined by 1.0% within the same period.
While inflation declined for the first time since January 2022, prices of food and non-alcoholic beverages increased by 11.3% in August 2022 from 9.7% in July 2022.
Annual food and NAB inflation has climbed significantly from the recent low of 6.0% in April this year and has remained above 5.0% since October 2020. – Stats ZA
9 out of 11 food and non-alcoholic beverage categories recorded an annual inflation rate above 8.0% in August 2022, with these key food items increasing significantly in the last month:
- Maize Meal – 4.8%
- Cake flour – 3.9%
- Bread and Cereals – 3.1%
- Brown bread – 2.2%
Hot beverage prices steamed to their highest annual rate in 64 months at 11.8% (compared with 12.1% in April 2017), stirred up by monthly increases in rooibos tea (7.6%) and instant coffee (3.9%). – Stats ZA
Prices for milk, eggs & cheese increased by 2.1% between July and August 2022. Products with higher than average monthly increases include:
- Cheddar cheese (3.1%)
- Low-fat milk (2.9%)
- Full cream milk (2.6%)
Below is a list of products that saw the highest monthly and annual increases:
Annual meat inflation eased slightly from 9.4% in July 2022 to 9.2% in August 2022 with a monthly increase of 0.7%.
According to Stats ZA, annual meat inflation has remained above 8.0% since May 2021.
Also increasing significantly are household detergents, in particular, washing powder which was 26.2% more expensive than a year ago. Laundry soap has since increased by 33.9% compared with August 2021 and the price of dishwashing liquid has climbed by 13.6% over the same period.
Overall, the price index for cleaning and maintenance products increased by 23.4% over the past 12 months.
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