Africa-Press – South-Africa. Stats SA says the transport category has helped to drive down inflation as fuel prices continue on a downward trend.
This after the annual consumer price inflation softened for a third consecutive month, coming down from 4.6% in July to 4.4% in August.
All transport-related products recorded softer annual rates in August.
The fuel index dipped by 0.5% month-on-month, slowing the annual rate to 1.8%.
Motorists using inland 95 octane petrol paid 15 cents less per litre in August compared with the month before.
Diesel followed a similar trend, with motorists enjoying a fourth consecutive cut.
Chief director for price statistics at Stats SA, Patrick Kelly, said that transport’s influence on overall inflation had waned since mid-2022 when it was the biggest factor behind the rise in the cost of living.
“It accounted for 44% of overall inflation in July that year. Fast forward to August 2024, transport accounted for 9%, placing it behind other major contributors such as housing & utilities and food & nab. In August, housing & utilities accounted for a quarter of the total inflation rate.”
Food inflation, on the other hand, picked up in August.
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