Inflation in South Africa fell to its lowest degree in 4 years in October, however lovers of espresso, tea and chocolate have had a troublesome final 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) stated in a statement.

October inflation declined from 3.8 % within the earlier month, primarily due to falling gas costs in line with the nationwide statistics company.

“Petrol and diesel prices declined by 5.3 percent between September and October,” stated Stats SA.

It stated annual inflation for meals and non-alcoholic drinks fell from a median of 4.5 to 4.7 % over a interval of six months to three.6 % in October.

“This is the lowest rate since November 2019,” it added.

Africa’s largest and most industrialised financial system is battling a number of fronts.

Last week, Stats SA stated the unemployment price had decreased for the primary time this yr although it remained excessive at 32.1 %.

The nation has among the many highest ranges of inequality on the earth and poverty impacts greater than 60 % of the inhabitants.

Even although it registered a decrease inflation price in October, scorching drinks continued to register the very best inflation print amongst all meals & non-alcoholic drinks (NAB) classes at 14.1%.

The price has eased from 17.6% in July, however stays considerably larger than headline inflation – and low and tea lovers would have seen a notable worth will increase for immediate espresso, consuming chocolate and black tea within the month.

Breaking down the info, on the spot espresso drinkers would have seen costs enhance 16.8% between October 2023 and October 2024.

Tea drinkers haven’t been spared both, with costs up 14.4% year-on-year.

Drinking chocolate, which incorporates objects like Milo or scorching chocolate, are additionally struggling with costs up 14.3%.

Chocolate slabs have additionally seen costs hiked – sadly – to the tune of 15.9% over the past 12 months.

Have you seen a lower in costs in latest weeks?

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