Government welcomes the sustained decrease in annual consumer inflation, which eased to 3.8% in September 2024, down from 4.4% in August. This marks the lowest inflation rate since March 2021, when it stood at 3.2%. The sustained decline is a positive development for households and the economy at large, helping to ease the cost of living pressures.
The primary driver behind this decline is softer transport inflation, specifically lower fuel prices. Notably, fuel prices have now decreased for four consecutive months and are, on average, 9.0% lower than a year ago.
Government Communication and Information System Acting Director-General, Nomonde Mnukwa said: "The continued easing of inflation, particularly in essential areas like transport, is a welcome relief for South African households. Lower fuel prices are helping to cushion the impact of broader economic challenges, and we remain committed to implementing policies that support economic stability and sustainable growth. This trend is an encouraging sign as we work to provide further economic relief for all citizens."
Government will continue to take steps to strengthen the economy and ease the cost of living for all citizens.
Media enquiries:
Ms Nomonde Mnukwa, Acting Government Spokesperson
Cell: 083 653 7485
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