Transport category helped drive down inflation - Stats SA

JOHANNESBURG - Stats SA says the transport category has helped to drive down inflation as fuel prices continue on a downward trend.

This after the annual consumer price inflation softened for a third consecutive month, coming down from 4.6% in July to 4.4% in August.

All transport-related products recorded softer annual rates in August.

The fuel index dipped by 0.5% month-on-month, slowing the annual rate to 1.8%.

Motorists using inland 95 octane petrol paid 15 cents less per litre in August compared with the month before.

Diesel followed a similar trend, with motorists enjoying a fourth consecutive cut.

Chief director for price statistics at Stats SA, Patrick Kelly, said that transport’s influence on overall inflation had waned since mid-2022 when it was the biggest factor behind the rise in the cost of living.

"It accounted for 44% of overall inflation in July that year. Fast forward to August 2024, transport accounted for 9%, placing it behind other major contributors such as housing & utilities and food & nab. In August, housing & utilities accounted for a quarter of the total inflation rate."

Food inflation, on the other hand, picked up in August.