![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/01\/Stats-SA-inflation-graph.jpg\")
<\/a><\/figure>\n\n\n\n“Inflation was relatively hot in the first five months of 2023 (January\u2013May), with the headline rate consistently above 6.0%. Inflation eased below this level for the remaining seven months of the year. The highest reading in 2023 was 7.1% in March. The lowest was 4.7%, recorded in July,” the stats body said.<\/p>\n\n\n\n
Product categories ending the year with annual rates higher than 6.0% in December were food & non-alcoholic beverages (8.5%), restaurants & hotels (7.0%) and health (6.5%).<\/p>\n\n\n\n
The 8.5% inflation rate for food & non-alcoholic beverages (NAB) was lower than November\u2019s 9.0%. Inflation softened for five food & NAB sub-categories: bread & cereals; oils & fats; sugar, sweets & desserts; vegetables; and hot beverages.<\/p>\n\n\n\n
The bread & cereals price index declined by 0.2% between November and December, lowering the annual rate for this category to 7.5%. Maize meal prices eased by 0.9% over the same period, with the average price of a bag of maize meal declining from R37.04 in November to R36.64 in December.<\/p>\n\n\n\n
Inflation for oils & fats remained in deflationary territory, recording an annual change of -5.9% in December. <\/p>\n\n\n\n
Cooking oil prices dropped by 1.6% between November and December. The average price for a 750\u202fml bottle of sunflower oil was R35.82 in December, lower than the February 2023 peak of R37.47 and well below the high of R45.33 recorded in July 2022.<\/p>\n\n\n\n
Although the sugar, sweets & desserts category as a whole recorded a softer annual rate in December, sugar prices continued to escalate. White sugar is 20.1% and brown sugar 24.6% more expensive than a year ago.<\/p>\n\n\n\n
Chicken and egg situation<\/strong><\/p>\n\n\n\n Food and NAB sub-categories that registered a rise in inflation in December include meat; milk, eggs & cheese; fish; fruit; and the miscellaneous sub-category referred to as \u2018other\u2019 food.<\/p>\n\n\n\n Annual meat inflation ticked up to 3.9% in December from 3.5% in November. Sharp annual price increases continue to haunt poultry products, such as chicken giblets (up 18.5%), fresh chicken portions (up 14.6%), non-IQF frozen portions (up 8.8%), whole chickens (up 8.4%) and IQF chicken portions (up 6,4%).<\/p>\n\n\n\n The milk, eggs & cheese price index increased by 14.5% in the 12 months to December, higher than November\u2019s rate of 13.9%. <\/p>\n\n\n\n The 12-month increase in egg prices was 38.0%, slightly lower than November\u2019s print of 39.9%. These increases reflect the price hikes seen in the poultry and egg sector due to the impact of the Avian Flu that hit producers in 2023.<\/p>\n\n\n\n Other notable price changes in December include housing & utilities inflation reaching 5.7%, the highest annual increase since May 2017, when the rate was also 5.7%. <\/p>\n\n\n\n Actual and imputed rentals both recorded a quarterly increase of 0.8%, taking the annual rate for actual rentals to 3.1% and for imputed rentals to 3.0%.<\/p>\n\n\n\n The transport index increased by 2.6% in the 12 months to December 2023 \u2013 much lower than the annual rate of 13.9% recorded in December 2022. The slowdown is mainly a result of lower fuel prices that decreased by 2.5% over the previous 12 months, and by 2.7% between November and December.<\/p>\n\n\n\n Inflation for restaurants & hotels was 7.0%, up from 6.3% in November. Hotel prices increased by 8.9% in the 12 months to December, higher than the annual rate of 5.6% in November.<\/p>\n\n\n\n The graphs below show the products that recorded the most significant annual and monthly price increases in December.<\/p>\n\n\n\n<\/a><\/figure>\n\n\n\n
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