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StatsSA reveals findings on transport and food inflation

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StatsSA has released its findings on the consumer inflation for the transport and food sectors, noting an annual increase of 4.9 percent in the CPI for August 2021.

On Thursday, 23 September 2021, Statistics South Africa (StatsSA) released its findings on the consumer inflation for both the transport and food sectors for August 2021. StatsSA reported that the annual change in the consumer price index (CPI) for the month of August was 4.9 percent.

This was noted to be slightly higher than July’s increase of 4.6 percent, however, identical to the June reading. StatsSA reported that this was the fourth consecutive month where the annual increase was higher than the midpoint (4.5 percent) of the South African Reserve Bank’s monetary policy target range.

The change in the CPI between the months of July and August 2021 was reported to be 0.4 percent. Transport inflation is reported to have picked up on the back of vehicle and fuel prices, while monthly food inflation was reported to have remained the same for the third month.

See the post below.

What were transport’s contributions to the CPI readings?

Transport was the most significant contributor to annual and monthly CPI readings, increasing by 9.9 percent annually and 2.2 percent monthly. Vehicle prices increased at a higher rate than overall inflation from May 2020 to August 2021. Vehicle inflation lagged during 2018 and 2019.

What were food and NAB’s contributions to the CPI for August?

The food and non-alcoholic beverages group was the second largest contributor to annual inflation for August 2021. It recorded an increase of 6.9 percent, which was the highest level of food inflation since June 2017, when it also stood at 6.9 percent.

What did inflation rates look like for various foods?

Prices for bread and cereal declined by 0.5 percent from July 2021 and maize meal prices decreased by 1.2 percent in August. The annual increase for this category was 3.5 percent. Meat inflation, on the other hand, continued to increase, reaching 10.7 percent in August, while oils and fats recorded 21.3 percent.

Mahlohonolo Lakaje
[email protected]

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