Drop in Consumer Price Inflation Welcomed by Government.


Pretoria: Government has welcomed the decline in consumer price inflation (CPI) from some 3.8% in September to 2.8% in October. The 2.8% CPI – which marks the lowest inflation rate in at least four years – was announced by Statistics South Africa (Stats SA) this week.

According to South African Government News Agency, October’s CPI decline was primarily driven by falling fuel prices. Petrol and diesel prices decreased by 5.3% between September and October, resulting in an annual fuel inflation rate of -19.1%. Notably, the inland price of 95-octane petrol in October stood at R21.05 per litre, the lowest since February 2022, when the price was R20.14 per litre.

The significant easing of inflation provides relief for households and businesses by lowering transport and input costs, helping to support overall economic activity, Acting Director-General of Government Communication and Information System (GCIS), Nomonde Mnukwa said. Mnukwa stated that the government was hard at work to resolve challenges faced by i
ndustries.

Government acknowledges the challenges that some sectors still face and calls on stakeholders to continue to collaborate in efforts to build a resilient economy that benefits all citizens. Government continues to work on interventions to reduce costs not only in fuel but also in other critical areas to ease the financial burden on citizens and improve the quality of life, she said.