South Africa’s consumer inflation rate dropped to its lowest level in three years, supporting the case for an interest rate cut next month.
Image: Adobe stockLower annual rates were recorded for several product groups, most notably food and non-alcoholic beverages , transport, and housing & utilities.
Products with the largest annual increases in July include rice , pizza or pies and samp .On a positive note, bread flour, cake flour, pasta and macaroni are cheaper than a year ago. Large annual price increases were recorded for instant coffee , drinking chocolate , black tea , ground coffee and coffee beans and rooibos tea .
Overall, the housing & utilities index increased by 2.6% between June and July, leading to an annual increase of 5.3%.Electricity tariffs increased by 12.1% , water tariffs by 7.5% and property rates by 10.7% . A five-year analysis of the data, from 2019 to 2024, shows electricity tariffs outpacing water and property rates, growing by an average of 11.2% per year.
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