Coffee lovers prepare to tighten your purse strings as prices increase
If you are a consumer that enjoys a hot drink like tea or coffee then you should be prepared to pay more for your favourite cuppa.
Data from the June 2024 Consumer Price Index (CPI) by StatsSA has revealed that the price of hot beverages increased from May 2024 to June 2024.
The index showed that the annual rate for hot beverages rose to 16.5% in June from 14.2% in May.
StatsSA said that the month-on-month change of 2.2% was driven up by sharp price increases for drinking chocolate (up 3.5%), black tea (up 2.7%), instant coffee (up 2.2%) and rooibos tea (up 1.6%).
Overall, the annual change in the CPI was 5.1% in June, down from 5.2% in May while inflation has stayed within the 5% to 6% range for the past 10 months.
According to StatsSA, the monthly rate was 0,1% in June.
The annual rate for food and non-alcoholic beverages (NAB) lowered to 4.6% in June after sitting at 4.7% for April and May, a major decline from its peak of 14% in March 2023.
A number of food & NAB categories registered lower annual rates for June including sugar, sweets & desserts; vegetables; fruit; milk, eggs & cheese; and fish.
While there was some decline in several food categories there was also some increase like hot beverages as well as other categories like bread & cereals; oils & fats; cold beverages; and meat.
The annual rate for bread & cereals saw its first increase in 14 months, increasing to 5.2% in June from 3.9% in May.
The CPI showed that the milk, eggs & cheese category has experienced six months of slower inflation.
The rate for June was 7.3% which is lower than the 14.5% that was recorded in December 2023. Annual inflation of eggs registered seventh consecutive month of decline, cooling to 20,4%.
According to StatsSA, between April 2024 and April 2024 these are the foods that increased in costs:
– tomatoes (6.8%)
– carrots (4.7%)
– ground coffee or coffee beans (3.7%)
– flavoured milk (3.2%)
– onions (3.2%)
– instant coffee (3.1%)
– whiteners (3%)
– vinegar (3%)
– dried beans (3%)
– condensed milk (2.9%)
IOL Business