The annual change in the consumer price index (CPI) was 5,9% in April, unchanged from 5,9% in March. The monthly rate decreased to 0,6% from 1,0%.
This is the third time in five months that the annual rate was 5,9%, testing the 6% upper limit of the South African Reserve Bank’s monetary policy target range. The last time that headline inflation was above the target range was five years ago, when the rate was 6,1% in March 2017.
Fuel prices continued to cause pain in April 2022, increasing by 2,2% between March and April to reach new record highs. Fuel is 29,2% more expensive than a year ago, with inland 95-octane petrol increasing from R17,32 per litre in April 2021 to R21,96 in April 2022. The average price for diesel increased from R16,46 to R21,91 per litre over the same period.
Other running costs, which includes car services and spare parts, recorded a rise of 2,1% between March and April. Increases were recorded for car services (up 6,4%), car batteries (up 2,3%) and tyres (up 1,2%).
Annual food and non-alcoholic beverages inflation softened, edging lower to 6,0% from 6,2% in March. The monthly rate quickened to 0,7% from 0,6%, with notable increases for oils and fats (up 5,4%), hot beverages (up 1,3%) and meat (up 1,0%). The average price of sunflower oil (750 ml) increased from R31,24 in March to R34,89 in April.
Coffee has became much more expensive too. Significant monthly increases were recorded for ground coffee (up 2,4%) and instant coffee (up 2,1%) in April, with cappuccino sachets recording a rise of 1%. Black tea prices increased on average by 0,6%, but Rooibos tea declined slightly by 0,2%.
In terms of meat, there were notable increases for stewing beef (up 2,8%), mince (up 2,2%) and individually quick frozen (IQF) chicken portions (up 1,4%).