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Consumer price inflation ticks up to 5%

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Consumer price inflation ticks up to 5%

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Photo by Bloomberg

20th October 2021

By: News24Wire

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September inflation rose marginally to 5% from 4.9% recorded in August, data from Stats SA shows.

The slight uptick was in line with the expectations of economists and still easily within the target range of between 3% and 6% set by the SA Reserve Bank.

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The consumer price index increased by 0.2% month-on-month in September 2021.

The month of September surveys rental prices (not all items are surveyed every month) and economists had expected these to remain fairly subdued.

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"Indeed, this component of the CPI basket, making up a significant 16.8% has had a dampening effect on inflation readings, counteracting large fuel price increases and elevated food inflation," Investec economist Lara Hodes said in a note ahead of the data release. "Many individuals have opted to purchase homes, taking advantage of historically low interest rates and the work-from-home trend which has in turn weighed on rental demand," 

Stats SA data showed that housing and utilities increased by 4% year-on-year, a lower rate than things like transport (10%) or food and beverages (6.6%).

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