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South Africa’s inflation rate is easing, with 2024 recording an average inflation of 4.4%, down from 2023’s average of 6%, according to Statistics SA.
However, inflation measures the change in the cost of goods, not their actual cost. Prices always rise over time, but when inflation cools, price hikes slow down.
Stats SA data show that in the past five years the price of bread has increased by 41%, milk by 29%, cooking oil by 62%, peanut butter by 54% and sugar by 56%.
Indulgent treats have also seen steep increases. The price of Ceylon tea nearly doubled between December 2019 and December 2024. And a global shortage of cocoa beans has driven up the price of chocolate (+66.7%) and instant coffee (+92%).
To calculate the Consumer Price Index, Stats SA uses the cost of services and goods, including food items and non-alcoholic beverages bought by the average household each month.
- Check out The Outlier’s Consumer Price Dashboard for more
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