Stats SA: Food prices remain high despite a drop in annual CPI

Statistics South Africa (Stats SA) said food prices remained high in August, despite a drop in the annual consumer price index (CPI).

In the latest data released, CPI dropped to 7.6% for August.

This is a slight decline from the 13-year high of 7.8% recorded in July.

Bread and cereals registered an increase of 3.1% between July and August, pushing the annual rate from 13.7% to 17.8%.

Maize meal increased by 4.8%.

The annual meat inflation has remained above 8% since May last year with a reading of 9.4% in August this year.

Stats SA noted that the prices for milk, eggs and cheese also increased in August.

Meanwhile, hot beverages spiked to their highest annual rate in over five years.

Data also showed an increase in the price index for cleaning and maintenance products over the past twelve months.

[WATCH] Feeling the brunt of rising prices? These products are causing the most pain.

Read more here: https://t.co/jr722HimhR#StatsSA #CPI #inflation pic.twitter.com/mzo5zl0c5v

— Stats SA (@StatsSA) September 21, 2022

-EWN

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