Inflations creeps up 2.9% in November 2024
This is a marginal increase from the 2.8% seen in the previous month - October.
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JOHANNESBURG - Inflation has edged higher creeping up to 2.9% in November.
This is a marginal increase from the 2.8% seen in the previous month - October.
It’s the first time inflation has increased in nine months, although at a slower pace than market expectations.
Statistics South Africa (StatsSA) released the latest inflation print on Wednesday which remains below the lower end of the Reserve Bank’s target band of 3.6%.
While food prices remain high, the chief director for price statistics at StatsSA, Patrick Kelly, says food inflation is now the lowest in 14 years.
“Annual inflation for food & non-alcoholic beverages (nab) witnessed another sharp decline in November, slowing to 2,3% from 3,6% in October. Eight of the 11 food & nab groups registered lower rates, including vegetables; milk, eggs & cheese; hot beverages; bread & cereals; cold beverages; meat; sugar, sweets & desserts.”