Consumer price inflation has ticked by a percentage point, rising to 3.6% in December from 3.5% in November.
Fuel prices rose by 0.6% in the 12 months to December. Diesel was up by 3.7% and petrol by 0.1%.
“Fares for long-distance buses rose significantly by 38,6% between November and December. Sharp monthly increases in December are typical, reflecting a spike in travel during the festive season. Despite this monthly increase, these prices were 5.6% cheaper this December compared with December in the previous year,” said Stats SA.
The annual rate for food and non-alcoholic beverages was stable at 4,4% in December.
“Meat inflation continued its upward trajectory, rising to 12.6% in December from 12.2% in November. The rate was -0.4% in December 2024, which shows how quickly meat inflation has accelerated over the year,” Stats SA said.
Governor Lesetja Kganyago said in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland earlier. “We think that inflation this year will average anything around 3.5%” and by 2027 it will converge toward our new 3% target, which then says that we still have room to ease policy,” he said.
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