Inflation in South Africa fell to its lowest level in four years in October, but lovers of coffee, tea and chocolate have had a tough last 12 months.
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“Annual consumer price inflation was 2.8 percent in October 2024… the lowest since June 2020 (during the COVID-19 pandemic) when the rate was 2.2 percent,” Statistics South Africa (Stats SA) said in a statement.
October inflation declined from 3.8 percent in the previous month, primarily because of falling fuel prices according to the national statistics agency.
“Petrol and diesel prices declined by 5.3 percent between September and October,” said Stats SA.
It said annual inflation for food and non-alcoholic beverages fell from an average of 4.5 to 4.7 percent over a period of six months to 3.6 percent in October.
“This is the lowest rate since November 2019,” it added.
Africa’s largest and most industrialised economy is battling multiple fronts.
Last week, Stats SA said the unemployment rate had decreased for the first time this year though it remained high at 32.1 percent.
The country has among the highest levels of inequality in the world and poverty affects more than 60 percent of the population.
Even though it registered a lower inflation rate in October, hot beverages continued to register the highest inflation print among all food & non-alcoholic beverages (NAB) categories at 14.1%.
The rate has eased from 17.6% in July, but remains significantly higher than headline inflation – and coffee and tea lovers would have seen a notable price increases for instant coffee, drinking chocolate and black tea in the month.
Breaking down the data, instant coffee drinkers would have seen prices increase 16.8% between October 2023 and October 2024.
Tea drinkers haven’t been spared either, with prices up 14.4% year-on-year.
Drinking chocolate, which includes items like Milo or hot chocolate, are also suffering with prices up 14.3%.
Chocolate slabs have also seen prices hiked – sadly – to the tune of 15.9% over the last 12 months.
Have you noticed a decrease in prices in recent weeks?
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