Stats SA said that the main contributors to the increase in the annual inflation rate included food and non-alcoholic beverages.
JOHANNESBURG – The consumer price inflation (CPI), which now sits at 7.6%, picked up slightly in the latest reading by Stats SA.
October’s reading ticked up from 7.5% in the previous month.
The country’s top statisticians released the data on Wednesday.
Annual consumer price #inflation was 7,6% in October, up from 7,5% in September. The monthly increase in the #CPI was 0,4% in October.
Listen here for more: https://t.co/sPQNzw8zig#StatsSA pic.twitter.com/yRdADCoIGA
— Stats SA (@StatsSA) November 23, 2022
Stats SA said that the main contributors to the increase in the annual inflation rate included food and non-alcoholic beverages.
Dairy is among the food categories that recorded high levels of inflation, with milk, eggs and cheese registering an annual increase of 10.5%.
This is the highest rate since February in 2017 when milk, eggs and cheese recorded an annual increase of 10.7%.
Stats SA said that fuel inflation had continued to decrease, adding that lower petrol prices saw the fuel index decline for a third consecutive month.
The annual inflation reading comes on the eve of the announcement on interest rates by the South African Reserve Bank.
The 7.6% inflation dashed some of the predictions made by economists that prices would ease slightly, adding to some concerns that the rise in inflation could lead to higher interest rates.
Meanwhile, the monthly increase in the consumer price index for October is 0.4%, up from 0.1%.
This article first appeared on EWN : October CPI figure ticks up to 7.6% – Stats SA
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