ANC welcomes fifth consecutive decline in consumer price inflation to 2.8%
20 November 2024
The African National Congress (ANC) welcomes the latest report from Statistics South Africa showing that consumer price inflation has eased for the fifth consecutive month, declining to 2.8% in October from 3.8% in September. This significant progress reflects the ANC's unwavering commitment, as articulated in Priority 3 of our 2024 Manifesto, to reducing the high cost of living by addressing consumer prices and stabilising the economy.
The continued fall in consumer prices is a positive indicator of the effectiveness of our policy interventions.
These efforts, which were prioritised during the 6th Administration and are central to the 7th Administration, have included targeted measures to stabilise network industries such as electricity, logistics, and water, alongside addressing fuel prices. These initiatives not only contribute to reducing inflation but also ensure sustained economic growth and alleviate the pressures felt by South African households.
The decline in food inflation to 2.8% is particularly significant, as it aligns with the ANC's focus on protecting vulnerable families and ensuring food security. Programmes aimed at strengthening agricultural production, supporting local supply chains, and assisting small-scale farmers continue to play a critical role in these achievements.
The ANC-led Govemment of National Unity (GNU) remains committed to implementing policy action plans that support economic stability while driving inclusive growth. By addressing structural challenges in critical sectors, the ANC is working to ensure that these gains in inflation reduction translate into tangible improvements in the lives of all South Africans.
This progress reaffirms the ANC's dedication to fulfilling the commitments of the 2024 Manifesto and the Freedom Charter, creating a prosperous future for all. Together, we will continue to tackle the cost of living, stabilise the economy, and put South Africa on a path to sustainable development.
Issued by Mahlengi Bhengu-Motsiri, National Spokesperson, ANC, 20 November 2024
