News24 reports it's a slowdown that’s unlikely to sway the central bank from delivering an unprecedented second consecutive 75 basis-point hike in interest rates on Thursday. The headline consumer-price index rose 7.6% from a year earlier, compared with 7.8% in July,

Jacaranda News reports a big drop in fuel prices from July was one of the main reasons for the dip, as it offset higher core, food and electricity inflation.

Fuel prices decreased by 3,8% between July and August pushing the annual rate for fuel down to 43,2% from 56,2% in July.

Stats SA’s Patrick Kelly says the decrease in the cost of fuel had an impact on the overall transport index, which declined by 1% between July and August.

"In contrast to fuel, food inflation continued upwards. The food and non-alcoholic beverages (NAB) index increased by 11,3% in the twelve months to August, higher than the reading of 9,7% in July."

The price increases for products such as maize, bread and cereals made a notable impact in August.

Kelly says hot beverage prices of rooibos tea and instant coffee steamed to their highest annual rate in 64 months at 11,8%.

"Annual meat inflation eased slightly from 9,4% in July to 9,2% in August, with a monthly increase of 0,7%. Annual meat inflation has remained above 8,0% since May 2021. Prices for milk, eggs and cheese increased by 2,1% between July and August.

"Products with higher than average monthly increases include cheddar cheese (3,1%), low-fat milk (2,9%) and full cream milk (2,6%). Oils and fats hit another annual high – 37,6% in August, up from 36,2% in July."

There has also been a notable price increase in products like household cleaning products, including washing powder, laundry soap, and dishwashing liquid when compared to August last year.

Overall, the price index for cleaning and maintenance products increased by 23,4% over the past 12 months.

Jacaranda News