Economists expected inflation to increase from November after seven consecutive months of moderation but by much more.
Annual consumer price inflation increased marginally in November to 2.9% from 2,8% in October coming in lower than the expectations of economists of inflation increasing to as much as 3.3%.
According to Statistics SA, the Consumer Price Index (CPI) remained unchanged month-on-month in November 2024. Inflation is a general increase in the prices of goods and services, while the CPI is a way to measure inflation
The main contributors to the 2.9% inflation rate were:
- housing and utilities that increased by 4.7% and contributed 1.1 percentage points
- miscellaneous goods and services that increased by 6.6% and contributed 1.0 percentage point
- food and non-alcoholic beverages that increased by 2.3% and contributed 0.4 of a percentage point and
- alcoholic beverages and tobacco that increased by 4.5% and contributed 0.3 of a percentage point.
Transport was the only negative contributor, decreasing by 3.3% and contributing 0.5 of a percentage point.
In November the annual inflation rate for goods was 1.6%, up from 1,4% in October, while services were 4.3%, down from 4.4% in October.
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