Latest news with #StatsSA
The Herald
2 hours ago
- Business
- The Herald
Food inflation, notably price of beef, leads in pushing CPI upward: Stats SA
Stats SA announced on Wednesday that annual consumer price inflation was 3.0% in June, up from 2.8% in May. The consumer price index (CPI) showed an increase by 0.3% month-on-month in June, with food inflation experiencing specially pronounced rises. Patrick Kelly, chief director of price statistics at Stats SA, said among other categories of inflation, the annual inflation rate for food and non-alcoholic beverages recorded its highest levels in more than a year. 'After holding steady at 2.8% in April and May, consumer inflation edged higher to 3% in June. The month-on-month change in the CPI was 0.3%. The annual rate for food and non-alcoholic beverages reached a 15-month high of 5.1% in June. 'Meat, particularly beef, continues to be the main driver of food inflation. Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak.' Conversely, Kelly said, fuel prices continued a downward trajectory and declined for a fourth consecutive month.
TimesLIVE
4 hours ago
- Business
- TimesLIVE
Food inflation, notably price of beef, leads in pushing CPI upward: Stats SA
Stats SA announced on Wednesday that annual consumer price inflation was 3.0% in June, up from 2.8% in May. The consumer price index (CPI) showed an increase by 0.3% month-on-month in June, with food inflation experiencing specially pronounced rises. Patrick Kelly, chief director of price statistics at Stats SA, said among other categories of inflation, the annual inflation rate for food and non-alcoholic beverages recorded its highest levels in more than a year. 'After holding steady at 2.8% in April and May, consumer inflation edged higher to 3% in June. The month-on-month change in the CPI was 0.3%. The annual rate for food and non-alcoholic beverages reached a 15-month high of 5.1% in June. 'Meat, particularly beef, continues to be the main driver of food inflation. Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak.' Conversely, Kelly said, fuel prices continued a downward trajectory and declined for a fourth consecutive month.
The South African
5 hours ago
- Business
- The South African
Here's why your next beef burger may cost a lot MORE
Meat prices – particularly beef – were a primary driver behind South Africa's uptick in consumer inflation in June, with food inflation hitting a 15-month high of 5.1%, Stats SA reports. After remaining steady at 2.8% in April and May, the annual consumer price index (CPI) climbed to 3.0% in June, largely due to persistent increases in meat costs. Stewing beef saw a 21.2% year-on-year increase – the highest on record since the current CPI series began in 2017. saw a – the since the current CPI series began in 2017. Mince and steak also posted high monthly and annual price increases, continuing a three-month upward trend. The spike in beef prices is attributed to ongoing supply pressures, including feed costs and limited local production recovery after prior drought conditions. While beef led the surge, prices for other unprocessed meats also rose notably, contributing significantly to the overall food basket inflation. These rising meat costs have disproportionately impacted low-income households, where meat makes up a larger share of food spending. With meat being a staple in South African diets, the sustained increase could continue to exert pressure on household budgets, even as other food categories such as dairy and cereals show some relief. Consumers may start substituting more expensive cuts or switching protein sources if the trend continues in the months ahead. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
6 hours ago
- Business
- IOL News
Consumer inflation rises to 4-month high as beef prices drive food price surge
Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. The consumer price inflation in South Africa has edged upwards, reaching 3% in June after holding steady at 2.8% for the previous two months. This increase in inflation, the highest in four months, indicates a growing pressure on household budgets, particularly due to escalating costs in the food and non-alcoholic beverages sector. Statistics South Africa (Stats SA) said the consumer price index (CPI) revealed a month-on-month change of 0.3% in June, suggesting that while inflation remains relatively low, it is inching higher due to sharp increases in certain food categories. Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. "Meat – particularly beef – continues to be the main driver of food inflation," Kelly said. "Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak. Stewing beef rose by an annual 21.2%, the fastest pace on record since the current CPI series began in January 2017." However, it was not just beef that has contributed to the rising food inflation. Other unprocessed food items have also shown significant price increases, with fruits and nuts, as well as vegetables, remaining in double-digit inflation territory for the second month in a row. Items such as beetroot, lettuce, and carrots have been particularly hard-hit, further straining the average consumer's wallet. Contrarily, peanuts have shown a slight reduction in price. In a somewhat positive turn, Stats SA said there have been signs of cooling inflation in several other food categories. Notably, prices for white rice, hot cereals, and cold cereals have decreased, which has softened the annual rate for the cereal products category. Though maize meal continues to see high annual increases, its month-on-month change in June was a modest 0.4%, the lowest increase since November 2024. Some dairy products have also experienced price reductions compared to last year. Fresh full-cream milk, fresh low-fat milk, and eggs have all recorded lower prices, resulting in the milk, other dairy products, and eggs index shifting into deflationary territory with an annual change of -0.5%. Despite this annual decline, the monthly rise of 0.3%—the highest since August 2024—shows that consumers are still facing fluctuating prices, particularly in cheese products which have contributed significantly to this increase. As consumers grapple with these rising food prices, the overall increase in the inflation may serve as a warning of potential challenges ahead for the South African economy. BUSINESS REPORT
IOL News
6 hours ago
- Business
- IOL News
Consumer inflation rises to 3% as beef prices drive food price surge
Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. The consumer price inflation in South Africa has edged upwards, reaching 3% in June after holding steady at 2.8% for the previous two months. This increase in inflation indicates a growing pressure on household budgets, particularly due to escalating costs in the food and non-alcoholic beverages sector. Statistics South Africa (Stats SA) said the consumer price index (CPI) revealed a month-on-month change of 0.3% in June, suggesting that while inflation remains relatively low, it is inching higher due to sharp increases in certain food categories. Stats SA chief director of price statistics, Patrick Kelly, said the year-on-year rate for food and non-alcoholic beverages has notably surged to a 15-month high of 5.1%, with meat prices—especially beef—being the primary culprit behind this uptick. "Meat – particularly beef – continues to be the main driver of food inflation," Kelly said. "Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak. Stewing beef rose by an annual 21.2%, the fastest pace on record since the current CPI series began in January 2017." However, it was not just beef that has contributed to the rising food inflation. Other unprocessed food items have also shown significant price increases, with fruits and nuts, as well as vegetables, remaining in double-digit inflation territory for the second month in a row. Items such as beetroot, lettuce, and carrots have been particularly hard-hit, further straining the average consumer's wallet. Contrarily, peanuts have shown a slight reduction in price. In a somewhat positive turn, Stats SA said there have been signs of cooling inflation in several other food categories. Notably, prices for white rice, hot cereals, and cold cereals have decreased, which has softened the annual rate for the cereal products category. Though maize meal continues to see high annual increases, its month-on-month change in June was a modest 0.4%, the lowest increase since November 2024. Some dairy products have also experienced price reductions compared to last year. Fresh full-cream milk, fresh low-fat milk, and eggs have all recorded lower prices, resulting in the milk, other dairy products, and eggs index shifting into deflationary territory with an annual change of -0.5%. Despite this annual decline, the monthly rise of 0.3%—the highest since August 2024—shows that consumers are still facing fluctuating prices, particularly in cheese products which have contributed significantly to this increase. As consumers grapple with these rising food prices, the overall increase in the inflation may serve as a warning of potential challenges ahead for the South African economy. BUSINESS REPORT
