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High meat prices lift food inflation in August 2021

Screen Shot 2021-10-05 at 12.38.53 PM

Source: Paul Makube, Bizcommunity, 23 September 2021, photo credit: Free Wallpapers

After showing signs of moderation for the second half of 2021 with the July 2021 food price inflation steadying at 7% year-on-year, the August print came in on the upside by 0.4% month-on-month and 7.4% year-on-year.

The overall consumer price inflation drifted further away from the midpoint of the South African Reserve Bank’s target range of 3%-6%, accelerating by 4.9% year-on-year and edging 0.4% higher month-on-month in August 2021 underpinned by gains in food and non-alcoholic beverages (FNAB) (+6.9% year-on-year), housing and utilities (+3.8% year-on-year), transport (+9.9% year-on-year), and miscellaneous goods and services (+4.2% year-on-year).

The food and non-alcoholic beverages (FNAB) sub-component had the biggest contribution of 1.2 percentage points to the CPI but steadied for the third consecutive month as the monthly increase came in 0.2% m/m. However, FNAB jumped to a 51-month high of 6.9% with food alone reaching the highest level of 7.4% year-on-year in 54 months.
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