Food inflation – the prices of food and non-alcoholic beverages - eased to 11.8% from 13.9% in April.
May's inflation rate, which was also slowed by an easing in fuel prices, is the lowest since April 2022, Statistics SA said. It was also cooler than economists expected. The median expectation among economists in a Bloomberg survey was 6.5%. Food inflation – the prices of food and non-alcoholic beverages - eased to 11.8% from 13.9% in April, which was close to the hottest level in fourteen years.
From April to May, the price of white sugar increased sharply by 2.7% and slabs of chocolate by 2.9%.In the 12 months to May, the average price of a 2.5 kg bag of white sugar increased from R49.68 to R53.00. The average price of a slab of chocolate rose from R17.11 to R20.26 over the same period.Statistics SA also reported that restaurant prices increased by a sizeable 1.2% between April and May – taking the annual rate for restaurants to 7.4%.
Statistics SA also noted sharp monthly price increases for pain killers and vitamin and mineral supplements .The latest CPI number will reassure the Reserve Bank's monetary policy committee, which has already hiked interest rates by 475 basis points in an effort to cool inflation.
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