CPI dropped in October to its lowest level in over eight years – Stats SA

Statistics South Africa (Stats SA) said on Wednesday that the annual consumer price inflation (CPI) dropped to 3.7% in October 2019 from a 4.1% registered in September.

#CPI inflation dropped to its lowest level in over 8 years in October 2019, registering at 3,7%. This was down from 4,1% in September 2019.

Listen here for more: https://t.co/94iphegHRr #StatsSA pic.twitter.com/OxsXF7s9p4

— Stats SA (@StatsSA) November 20, 2019

Stats SA said this was the lowest annual increase since February 2011.

The agency said that on average, prices were unchanged between September and October.

“This means that the drop in the annual rate is mainly the result of increases between September and October 2018, moving out of the 12-month window of year-on-year inflation rate.”

A notable increase was the R1-per-litre increase in the fuel price which saw the inland 95 octane price increase to R17.08 per litre in September and in October 2019 the price was lower at R16.21.

“The main contributors to the annual increase are food and non-alcoholic beverages with an annual inflation of 3.6 %, housing and utilities with an increase of 4.8% and miscellaneous goods and services at 5.7%.”

(Compiled by Makhosandile Zulu)

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