Annual consumer price inflation fell to 5.5% in November, down from 5.9% in October, the first drop since July.
For November, the Bloomberg market consensus was 5.4%.
The monthly fall in fuel prices of 5.5% drove the November inflation decline.
However, food and non-alcoholic beverage costs increased by 9%, the greatest amount in four months.
The spread of avian flu drove up chicken and egg costs. In November, egg costs were nearly 40% higher than a year before.
Fruit prices rose by 11.5% in November, the biggest increase since December 2020. White sugar prices increased by more than 21%.
The month-on-month change in CPI was 0.1%.
According to Christie Viljoen, economist at PwC Africa, the November inflation figure is better than expected and represents a welcome decrease from the previous month’s 5.9% rate.
“PwC’s modelling predicts that fuel should on average cost less in the first quarter of 2024 compared to the fourth quarter of 2023. Furthermore, both petrol and diesel prices are expected to bottom out in the first quarter of 2024, and then slowly increase (on average) during the remaining quarters of 2024 and into 2025.”
Inflation is predicted to fall from 5.8% this year to 5.0% next year and 4.5% in 2025, according to the median projections of 19 analysts polled by Reuters in December.
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