The latest Consumer Price Inflation (CPI) was released by Stats SA on Wednesday morning. 

According to Stats SA, the main contributing driver to the low inflation rate was the decrease is the price of fuel. 

“The most significant price move in May was the fall in fuel prices. The fuel index slumped by 12,2% from April. The transport category – which includes fuel, running costs, vehicle purchases and public transport – was the only contributor to the -0,6% monthly change in the CPI,” it said in a statement. 

“The fuel index is 25,9% lower than it was in May 2019. As a motorist, you are paying less for petrol than you did a year ago. The price of inland 95-octane petrol, for example, was R12,22 per litre in May 2020. In May 2019, the price was R16,67.” 

However, the lower price fuel did not immediately translate into lower food prices.

Meat and dairy prices increased, while the price of beverages decreased. 

"Meat prices climbed by 5,5% over the past 12 months, but registered a 0,1% fall between April and May. Stewing beef prices are 2,1% lower than they were in April.

"Prices of dairy products climbed by 3,7% from April and by 7,1% from May 2019. The oils and fats index rose by 2,3% from April, recording an annual rise of 8,3%. Margarine prices saw a monthly increase of 3,6%. Peanut butter was 5,8% more expensive in May compared with April, recording an annual rise of 16,3%." 

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