Highest Annual Price Increases in Stats SA’s Latest Consumer Price Index
Statistics South Africa has published its latest consumer price index, showing that annual consumer price inflation was 3.2% in November 2020, down from 3.3% in October 2020.
The main contributors to the 3,2% annual inflation rate were food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and service, the statistics body said.
“Food and non-alcoholic beverage prices continued to climb, recording an aggregate annual increase of 5.8%, up from 5.4% in October. Food inflation contributed one percentage point to November’s headline rate of 3.2%.”
Some of the largest annual price increases (November 2019 vs November 2020) were recorded for the following goods and services:
- Fruit (14.5%)
- Sugar, sweets and desserts (9.3%)
- Oils and fats (8.3%)
- Primary and secondary (7.5%)
- Books, newspapers and stationery (7%)
- Meat (6.6%)
- Hot beverages (6.2%)
- Milk, eggs and cheese (6%)
- Vegetables (6%)
- Water and electricity (6%)
Bread and cereals
StatsSA said that cake flour prices have increased by 11.9% over the last year, while brown bread prices rose by 9,2%, and white bread by 7.9%.
As a category, bread and cereals recorded an annual price rise of 4.2% in November.
Bucking the trend of the category as a whole, super maize meal prices have decreased over the last year, declining on average by 7.4%.
Meat and fish
The meat index recorded an annual rise of 6.6%. as beef products in particular have experienced high annual increases.
Beef steak is 16% more expensive than it was a year ago. Beef mince prices have increased by 9.2%, and stewing beef by 8.6%.
Prices in the fish category registered a 4.5% rise over the last year. However, prices dropped slightly (by 0.2%) in November 2020 compared with October 2020, Stats SA said.
Oils and fats
The annual change in prices in the oils and fats category was 8.3%. However, on a monthly basis prices edged slightly lower by 0.2%.
The price of peanut butter has increased by 6.6% over the last year, though a monthly decline of 2% was recorded in November. Cooking oil prices climbed by 9.3% over the last year, and margarine by 7.9%.
Hot beverages
The hot beverages index increased by 6,2% on an annual basis, but on a monthly basis declined slightly by 0.1%.
Black tea is 10.8% more expensive than it was a year ago, but on a monthly basis black tea is cheaper by 0.7%.
Transport goods and services
Prices for products related to transport recorded an average monthly decline of 0,8% and an annual decrease of 1.3% in November, StatsSA said.
All the main transport indices were lower in November 2020 compared with October 2020: vehicle prices declined by 0.3%, public transport by 0.4% and fuel by 2.0%.
Fuel prices are, on aggregate, 10,4% lower than they were a year ago. As an example, the price of inland 95-octane petrol was R16.08 per litre in November 2019, falling to R14,59 in November 2020.
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