The share of Consumer Price Index (CPI) 8-digit items growing above the mid-point inflation target of 4.5% is nearing post 2009 lows, both when considering the number of detailed CPI components at 8 digit level or the combined weight in the index of such items. 8-Digit CPI includes consumer price indices at category grouping such as a ‘loaf of white bread’. The decline from the early 2023 peak represents a notable shift in the inflation landscape, indicating that price pressures may be easing across a wider range of goods and services. The chart shows that the decline has been broad-based, since the profile of the unweighted and weighted individual components of the consumer basket are similar.
However, uncertainty persists, as Codera’s core inflation measure, CPI-Common, suggests more broad-based inflation pressures than those indicated by Statistics SA’s core inflation measure and its trimmed mean measure.
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Compiled by Lisa Martin
