![\"CPINEW\"](\"https:\/\/www.statssa.gov.za\/wp-content\/uploads\/2024\/01\/CPINEW.jpg\")
<\/a><\/p>\nInflation was softer in the second half of 2023<\/strong><\/p>\n The December release concludes the results for 2023. The average inflation rate for the year was 6,0%, lower than 2022\u2019s 6,9%. Inflation was relatively hot in the first five months of 2023 (January\u2013May), with the headline rate consistently above 6,0%. Inflation eased below this level for the remaining seven months of the year. The highest reading in 2023 was 7,1% in March. The lowest was 4,7%, recorded in July.<\/p>\n Product categories ending the year with annual rates higher than 6,0% in December were food & non-alcoholic beverages (8,5%), restaurants & hotels (7,0%) and health (6,5%).<\/p>\n Inflation cools for bread & cereals and oils & fats<\/strong><\/p>\n The 8,5% inflation rate for food & non-alcoholic beverages (NAB) was lower than November\u2019s 9,0%. Inflation softened for five food & NAB sub-categories: bread & cereals; oils & fats; sugar, sweets & desserts; vegetables; and hot beverages.<\/p>\n The bread & cereals price index declined by 0,2% between November and December, lowering the annual rate for this category to 7,5%. Maize meal prices eased by 0,9% over the same period, with the average price of a bag of maize meal (2,5\u00a0kg) declining from R37,04 in November to R36,64 in December.<\/p>\n Inflation for oils & fats remained in deflationary territory, recording an annual change of -5,9% in December. Cooking oil prices dropped by 1,6% between November and December. The average price for a 750\u202fml bottle of sunflower oil was R35,82 in December, lower than the February 2023 peak of R37,47 and well below the high of R45,33 recorded in July 2022.<\/p>\n Although the sugar, sweets & desserts category as a whole recorded a softer annual rate in December, sugar prices continued to escalate. White sugar is 20,1% and brown sugar 24,6% more expensive than a year ago.<\/p>\n Poultry and egg prices continue to heat up<\/strong><\/p>\n Food and NAB sub-categories that registered a rise in inflation in December include meat; milk, eggs & cheese; fish; fruit; and the miscellaneous sub-category referred to as \u2018other\u2019 food.<\/p>\n Annual meat inflation ticked up to 3,9% in December from 3,5% in November. Sharp annual price increases continue to haunt poultry products, such as chicken giblets (up 18,5%), fresh chicken portions (up 14,6%), non-IQF frozen portions (up 8,8%), whole chickens (up 8,4%) and IQF chicken portions (up 6,4%).<\/p>\n The milk, eggs & cheese price index increased by 14,5% in the 12 months to December, higher than November\u2019s rate of 13,9%. The 12-month increase in egg prices was 38,0%, slightly lower than November\u2019s print of 39,9%.<\/p>\n Other notable price changes in December<\/strong><\/p>\n Housing & utilities inflation reached 5,7%, the highest annual increase since May 2017, when the rate was also 5,7%. Actual and imputed rentals both recorded a quarterly increase of 0,8%, taking the annual rate for actual rentals to 3,1% and for imputed rentals to 3,0%.<\/p>\n The transport index increased by 2,6% in the 12 months to December 2023 \u2013 much lower than the annual rate of 13,9% recorded in December 2022. The slowdown is mainly a result of lower fuel prices that decreased by 2,5% over the previous 12 months, and by 2,7% between November and December.<\/p>\n Inflation for restaurants & hotels was 7,0%, up from 6,3% in November. Hotel prices increased by 8,9% in the 12 months to December, higher than the annual rate of 5,6% in November.<\/p>\n The graphs below show the products that recorded the most significant annual and monthly price increases in December.<\/p>\n Download the December 2023 CPI statistical release and Excel files with indices and average prices here.<\/a> The archive is available here<\/a>.<\/p>\n Similar articles are available on the Stats SA website and can be accessed here<\/a>.<\/p>\n For a monthly overview of economic indicators and infographics, catch the latest edition of the Stats Biz newsletter here<\/a>.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Annual consumer price inflation pulled back in December, easing to 5,1% from 5,5% in November and 5,9% in October. The consumer price index (CPI) was unchanged month-on-month in December. Inflation was softer in the second half of 2023 The December release concludes the results for 2023. The average inflation rate for the year was 6,0%, read more »<\/a><\/p>\n<\/a><\/p>\n