Government welcomes October inflation sharp drop to 2.8%

21 November 2024

Government welcomes the latest data from Statistics South Africa (Stats SA), which shows a sharp decline in consumer price inflation (CPI) to 2.8% in October 2024, down from 3.8% recorded in September 2024. This marks the lowest inflation rate since June 2020, when the country experienced a rate of 2.2% during the COVID-19 pandemic.

According to Stats SA, October's CPI decline was primarily driven by falling fuel prices. Petrol and diesel prices decreased by 5.3% between September and October, resulting in an annual fuel inflation rate of -19.1%. Notably, the inland price of 95-octane petrol in October stood at R21.05 per litre, the lowest since February 2022, when the price was R20.14 per litre. The significant easing of inflation provides relief for households and businesses by lowering transport and input costs, helping to support overall economic activity.

Government acknowledges the challenges that some sectors still face and calls on stakeholders to continue to collaborate in efforts to build a resilient economy that benefits all citizens. Government continues to work on interventions to reduce costs not only in fuel but also in other critical areas to ease the financial burden on citizens and improve the quality of life.

Issued by Nomonde Mnukwa, Acting Government Spokesperson, 21 November 2024