Lower inflation sees higher shopper numbers in region
A DECLINING inflation rate and longer holiday period saw Zululanders make the most of what the region's shopping centres had to offer over the festive season, whether gift shopping or enjoying family activities.
According to Stats SA, last year's annual consumer price rises pulled back in December, easing to 5.1% from 5.5% in November and 5.9% in October.
This contributed to an average inflation rate of 6% for 2023, compared with the previous year's 6.9%.
Cashing in on these factors and making shopping attractive to the whole family, Boardwalk Inkwazi Shopping Centre extended its trading hours, offering photos with Santa, gift wrapping services in support of three local NGOs, and a drive-in movie night with a festive market.
“The highlight of the festive season was a day at the mall for all the children from a local foster home who came to enjoy brunch at Spur, took pictures, received presents from Santa, and enjoyed a movie at Ster Kinekor,” said Boardwalk Inkwazi general manager Thilen Naidoo, adding that the centre's bumper trading period was from 14 to 23 December.
Overall inflation trend
Stats SA's figures showed the highest inflation reading in 2023 was 7.1% in March, while the lowest was 4.7% recorded in July.
Product categories ending the year with annual rates higher than 6% in December were food and non-alcoholic beverages (NAB) at 8.5%, restaurants and hotels at 7%, and health-related products at 6.5%.
The 8.5% inflation rate for food and nonalcoholic beverages, however, was lower than November’s 9%.
Inflation softened for five food and NAB sub-categories: bread and cereals; oils and fats; sugar, sweets and desserts; vegetables; and hot beverages.
On average, the price index dropped
in varying degrees across the various foodstuffs categories between November and December.
Meanwhile, housing and utilities inflation reached 5.7% - the highest annual increase since May 2017, and equalling that rate.
A downward trend in fuel prices over the 12 months preceding December 2023 saw the transport index increase by just 2.6% lower than the annual rate of 13.9% recorded the previous year.
Inflation for restaurants and hotels was
7%, up from 6.3% in November.
Hotel prices increased by 8.9% in the 12 months to December - higher than the annual rate of 5.6% in November.