Milk, eggs, cheese and vegetable prices soar

The milk, eggs and cheese product group has recorded its highest annual price increases in 14 years, while vegetable prices recorded the highest annual price hike since 15 years ago, says Stats SA.

On average, vegetables were 23.1% more expensive in April 2023 compared with April 2022.

Products pushing up the rate include onions (up 52.8%), carrots (up 29.8%), peppers (up 25.0%) and potatoes (up 24.4%). 

The milk, eggs and cheese product group recorded an annual price increase of 14.5%.

The average price of a 2-litre carton of fresh full-cream milk increased from R30.14 to R35.88 in the 12 months to April. Over the same period, the average price of a kilogram of cheddar cheese climbed from R118.24 to R135.11 and a tray of six eggs from R20.38 to R21.59.

The bread and cereals price index increased by 20.8% in the 12 months to April, slightly higher than March’s reading of 20.3%, but lower than the recent peak of 21.8% recorded in January.

Coffee lovers are feeling the pinch too. Annual inflation for non-alcoholic beverages was 10.4% in April, the highest rate since January 2010. Products that registered higher than average price changes were ground coffee or beans (up 17.8%), instant coffee (up 14.8%), dairy blends (up 19.2%) and fruit juices (up 16.5%).

Meat and oils and fats are bucking the trend.

Meat inflation slowed for a second consecutive month, cooling to 9.5% from 10.6% in March. Inflation for oils and fats slowed for an eighth consecutive month, tumbling from 16% in March to 9.9% in April.

Used vehicles are 12.9% more expensive than a year ago. New vehicles witnessed slower inflation, with prices increasing by 6.7% over this period.

Transport recorded its ninth successive month of disinflation in April, softening to 7.6%. This was mainly due to the annual rate for fuel easing to 5%.

Sharp monthly price hikes were recorded for traditional reading material, such as newspapers (up 7.5%) and magazines (up 5.6%). This took the annual rate for the books, newspapers and stationery category from 10.2% in March to 11.5% in April.

The miscellaneous goods and services price index jumped by 1.3% between March 2023 and April 2023. This category was the biggest factor behind the 0.4% monthly rise in the headline Consumer Price Index, contributing 0.2 of a percentage point, said Stats SA.

Personal care prices climbed by 1.2% from March 2023.

Some health insurance companies increased prices in April, lifting the health insurance index by a monthly 2.4%.

Overall, annual consumer inflation slowed to 6.8% in April from 7.1% in March. Stats SA said this is the lowest reading since May 2022, when the rate was 6.5%.

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