Annual consumer price inflation slowed to 6,8% in April from 7,1% in March. This is the lowest reading since May 2022, when the rate was 6,5%. Economists are however of the view that this won’t avert another interest rate hike.

The MPC of the SA Reserve Bank will announce their decision on rates tomorrow. The majority of economists expect another 25 basis point hike in the repo rate.

Annual inflation for food and non-alcoholic beverages also eased to 13,9% in April from 14,0% in March.

Here is how much more you are paying for foodstuffs:

• The bread & cereals price index increased by 20,8% in the 12 months to April, slightly higher than March’s reading of 20,3%.
• The milk, eggs & cheese product group recorded an annual price increase of 14,5% – the largest rise in 14 years (since January 2009). The average price of a 2-litre carton of fresh full-cream milk increased from R30,14 to R35,88 in the 12 months to April. Over the same period, the average price of a kilogram of cheddar cheese climbed from R118,24 to R135,11 and a tray of six eggs from R20,38 to R21,59.
• On average, vegetables were 23,1% more expensive in April 2023 compared with April 2022. This is the highest annual rate since November 2007 – more than 15 years ago. Products pushing up the rate include onions (up 52,8%), carrots (up 29,8%), peppers (up 25,0%) and potatoes (up 24,4%).
• Coffee lovers are feeling the pinch too. Annual inflation for non-alcoholic beverages was 10,4% in April, the highest rate since January 2010. Products that registered higher than average price changes were ground coffee or beans (up 17,8%), instant coffee (up 14,8%), dairy blends (up 19,2%) and fruit juices (up 16,5%).
• Meat and oils & fats are bucking the trend. Those who enjoy their steak will be glad to know that meat inflation slowed for a second consecutive month, cooling to 9,5% from 10,6% in March.
• Inflation for oils & fats slowed for an eighth consecutive month, tumbling from 16,0% in March to 9,9% in April. The last time this rate was in single-digit territory was November 2020.

ALSO READ: Food inflation: Here’s how much more you’re paying

Meanwhile, transport recorded its ninth successive month of disinflation in April, softening to 7,6%. This was mainly due to the annual rate for fuel easing to 5,0% – the lowest reading since March 2021 (2,4%).

Sharp monthly price hikes were recorded for traditional reading material, such as newspapers (up 7,5%) and magazines (up 5,6%). This took the annual rate for the books, newspapers & stationery category from 10,2% in March to 11,5% in April.