CPI SLOWS TO 5.5% IN OCTOBER 2013
Inflation is when the prices of most goods and services continue to creep upward. When this happens, your standard of living falls. That's because each Rand buys less, so you have to spend more to get the same goods and services.
The Consumer Price Index slowed to 5.5% year-on-year in October 2013 after rising to 6.0% in September 2013. According Stats South Africa price increased by 0.2% between September and October 2013. The latest figures confirm that inflationary pressures remain relatively benign despite rand weakness. Inflation is expected to average 5.8 % this year compared with 5.6 % in 2012.
The food and non-alcoholic beverages index moderated to 4, 3% in October 2013 from 5, 9% in September 2013 and contributing 0.6% to the annual Consumer Price Index increased compared with 0.9% in the previous month.
The transport index decreased by 0.3% between September and October2013, mainly due to a 19c/litre decrease in the price of petrol. The annual rate decreased to 6, 2% in October 2013 from 6, 9% in September 2013.
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