![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/02\/Inflation-January-2023.jpg\")
<\/p>\nHeadline consumer price inflation eased in January 2023, but food prices shot up significantly – with all categories, from staples to fast food favourites, costing more than a year ago.<\/p>\n
The data, published by Stats SA, showed that annual consumer inflation slowed for the third consecutive month, decreasing to 6.9% in January from 7.2% in December.<\/p>\n
A notable fall in the price of fuel was the biggest factor behind the dip in the headline rate, the group said. However, food price inflation was recorded at 13.4%, the highest reading since April 2009 when the rate was 13.6%.<\/p>\n
The consumer price index (CPI) declined by 0.1% between December and January.<\/p>\n
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Fuel prices continue to ease<\/strong><\/p>\n The fuel price index declined by 10.5% between December and January, dragging its annual rate down to 13.1% from 22.8% in December.<\/p>\n A litre of 95-octane petrol (inland) cost R21.40 in January, down from R23.46 recorded the month before.<\/p>\n The price of petrol is now roughly at a level last seen in March 2022 (R21.60).<\/p>\n Food inflation continues to quicken<\/strong><\/p>\n However, while overall inflation eased, food and non-alcoholic beverages (NAB) inflation continued to accelerate.<\/p>\n The annual rate climbed to 13.4% in January, the highest reading since April 2009<\/strong> when the rate was 13.6%.<\/p>\n Of all the product groups in the CPI basket, bread & cereals recorded the highest rate in January (21.8%). This was up from 20.6% in December and is the highest reading for this category since February 2009 (23.8%).<\/p>\n Bread & cereal products that recorded notable monthly increases in January include pastry products (pizzas and pies), which increased by 3,6%, maize (up 3.1%), and brown bread (up 1.3%).<\/p>\n Meat inflation increased to 11.2% in January from December\u2019s 9.7%. Individually quick frozen (IQF) chicken portions, the highest-weighted meat product, witnessed a monthly price increase of 2.7% between December and January.<\/p>\n Other meat products that recorded significant monthly price increases include fresh chicken portions (up 5.3%), beef offal (up 5.2%), and stewing beef (up 3.6%). Bacon recorded an annual rate of 19.4%.<\/p>\n Annual fish inflation quickened to 13.0% from 10.4% in December. This is the highest annual inflation rate for fish since May 2009 when it was 14.2%.<\/p>\n The charts below show the products that recorded the largest percentage price increases in January. Five of the ten largest monthly changes were vegetables, which as a group had the highest monthly change (5.1%) within food in January.<\/p>\n More expensive<\/strong><\/p>\n Stats SA highlighted the following ten food items that have become significantly more expensive in the last year, as well ten that saw significant price inflation over the last month.<\/p>\n Onions have seen the biggest jump in price, almost 50% more than in January 2022 – however all of the top 10 saw price jumps of more than 23% over the last 12 months.<\/p>\n Month-on-month, potatoes saw the biggest price increase, with inflation at 15.1%.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/02\/More-expensive.jpg\")
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