{"id":725606,"date":"2023-10-18T10:49:28","date_gmt":"2023-10-18T08:49:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=725606"},"modified":"2023-10-18T10:49:28","modified_gmt":"2023-10-18T08:49:28","slug":"nasty-turn-for-inflation-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/725606\/nasty-turn-for-inflation-in-south-africa\/","title":{"rendered":"Nasty turn for inflation in South Africa"},"content":{"rendered":"\n<p>Inflation in South Africa has risen sharply, with fuel and food price increases causing further headaches for South African consumers. <\/p>\n\n\n\n<p>Consumer price inflation jumped from 4.8% in August to 5.4% in September. Stats SA said this brings the rate in line with the level seen in June this year. <\/p>\n\n\n\n<p>The fuel price index increased for a second consecutive month, rising 7.6% between August and September. <\/p>\n\n\n\n<p>&#8220;The price of inland 95-octane petrol jumped by R1.71 in September, reaching a 13-month high of R24.54,&#8221; Stats SA said.<\/p>\n\n\n\n<p>&#8220;The transport category \u2013 mainly influenced by fuel \u2013 exerted strong upward pressure on the monthly inflation rate. Transport contributed 0.4 of a percentage point to the 0.6% monthly rise in the consumer price index (CPI).&#8221;<\/p>\n\n\n\n<p>&#8220;After three consecutive months in negative territory, annual fuel inflation jumped from -11.7% in August to 1.5% in September.&#8221;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"689\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-1024x689.jpg\" alt=\"\" class=\"wp-image-725610\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-1024x689.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-300x202.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-768x516.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-1536x1033.jpg 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-sep-1-2048x1377.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"v2kxhjDeYs\"><a href=\"https:\/\/businesstech.co.za\/news\/energy\/725138\/here-is-the-expected-petrol-price-for-november-6\/\">Here is the expected petrol price for November<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Here is the expected petrol price for November&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/energy\/725138\/here-is-the-expected-petrol-price-for-november-6\/embed\/#?secret=yxoZrBPC13#?secret=v2kxhjDeYs\" data-secret=\"v2kxhjDeYs\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Food pain <\/strong><\/p>\n\n\n\n<p>Food and non-alcoholic beverages (NAB) also increased slightly from 8.0% in August to 8.1% in September following five months of decline.<\/p>\n\n\n\n<p>Meat prices grew by 0.6% between August and September, which pushed the annual rate up to 3.8, with poultry-related products seeing price movements due to producers culling birds in response to the avian flu outbreak. <\/p>\n\n\n\n<p>Although IQF chicken portions and chicken giblets were slightly cheaper, prices for whole chickens (up 2.2%), fresh chicken portions (up 2.2%) and non-IQF chicken portions (up 1.9%) all increased. Egg prices also rose 0.3% following a 0.4% drop in August. <\/p>\n\n\n\n<p>&#8220;Prices for poultry-related products deserve a close watch in the coming months to gauge the impact of the avian flu outbreak,&#8221; Stats SA said. <\/p>\n\n\n\n<p>Looking more positively, inflation for bread and cereals dropped from 9.9% in August to 9.2% in September &#8211; the fifth month of decline. <\/p>\n\n\n\n<p>Most products in the group saw a decline, such as rice dropping from 19.8% in August to 18.6% in September. <\/p>\n\n\n\n<p>However, increases were recorded for maize meal (11.9%), instant noodles (17.7%) and cakes and tarts (8.4%).<\/p>\n\n\n\n<p>The price index for hot beverages did, however, increase by 3.5% from August to September, with instant coffee (up 4.8%), ground coffee (up 4.6%) and rooibos tea (up 3.7%) all seeing increases. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Other changes <\/strong><\/p>\n\n\n\n<p>The September figure also includes housing rent data for Q3 2023, which showed that the annual rate for actual rentals dropped from 2.7% in Q2 to 2.6%. The rate for imputed rentals also dropped from 2.9% in Q2 to 2.6% in Q3. <\/p>\n\n\n\n<p>Annual health inflation also jumped from 6.2% in August to 6.5% in September, the highest increase since November 2017. Medical product prices also jumped by 7.5% over the last year. <\/p>\n\n\n\n<p>The image below shows the products that saw the largest price increases in September: <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"521\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep-1024x521.jpg\" alt=\"\" class=\"wp-image-725614\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep-1024x521.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep-300x153.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep-768x391.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/10\/Cpi-2-sep.jpg 1294w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/725340\/south-africas-biggest-cities-face-major-electricity-crunch\/\" target=\"_blank\" rel=\"noreferrer noopener\">South Africa\u2019s biggest cities face major electricity crunch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest data from Stats SA is bad news for already cash-strapped South Africans. <\/p>\n","protected":false},"author":95,"featured_media":708842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,1809],"class_list":["post-725606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-stats-sa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/725606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=725606"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/725606\/revisions"}],"predecessor-version":[{"id":725640,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/725606\/revisions\/725640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/708842"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=725606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=725606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=725606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}