Swazi Observer

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INFLATION DOWN TO 3.3 PER CENT

By Nomfanelo Maziya | 2024-11-25

Headline inflation rate for October as measured by the annual percentage change in the Consumer Price Index (CPI), has come in at 3.3 per cent.

This figure represents a 0.3 percentage point decrease from the 3.6 per cent recorded in September.

Additionally, it marks a significant 1.7 percentage point decline from the five per cent inflation rate observed in October 2023. This is contained in the Central Statistics Office (CSO) CPI report for October.

“For October, the housing and utilities (1.7 per cent), food and non-alcoholic beverages (0.8 per cent) and the clothing and footwear (0.2 per cent) categories, respectively contributed significantly to the headline inflation rate of 3.3 per cent,” it reads.

The inflation rate for goods in October was three per cent, while the inflation rate for services was 3.8 per cent.

The month-on-month inflation rate for October, which measures the percentage change in the CPI compared to the previous month, was 0.2 per cent.

This is a 0.3 percentage point increase from the -0.1 per cent recorded in September.
A significant increase was observed in the year-on-year inflation rate for restaurants and hotels, from 0.8 per cent in October 2023 to 28.9 per cent in October, primarily driven by price hikes in accommodation services.

The year-on-year inflation rate for food and non-alcoholic beverages decreased from 10.2 per cent in October 2023 to 3.7 per cent in October, due to slower growth in certain categories and a decline in fish and seafood prices.

The year-on-year inflation rate for health increased from 0.5 per cent in October 2023 to 6.7 per cent in October, mainly attributed to rising medical service costs.

A notable increase was observed in the month-on-month inflation rate for restaurants and hotels, from zero per cent in September to 2.7 per cent in October 2024, with growth observed in accommodation services.

The month-on-month inflation rate for food and non-alcoholic beverages increased slightly from zero per cent in September to 1.1 per cent in October, driven by price increases in fruits, meat, and bread and cereals.

The month-on-month inflation rate for furnishing, household equipment, and routine household maintenance decreased from 0.1 per cent in September to -0.6 per cent in October, due to falling prices in small tools and miscellaneous accessories, as well as non-durable household goods.

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