Consumer inflation slows, but retail sales disappoint again

ANNUAL consumer inflation slowed in September, mainly as a result of a decline in fuel prices for a second consecutive month. Stats SA said headline inflation eased to 7.5% from 7.6% in August. The September reading is in line with the Thomson Reuters consensus but remains above the upper limit of the Reserve

Bank’s target range of 3%-6%.

PRESIDENT Cyril Ramaphosa withdrew a controversial policy that boosted the benefits and privileges for ministers and their deputies, including access to free electricity and water at their official residences. The withdrawal of the ministerial handbook for 2022 would give effect to the 2019 version of the executive guide, pending a review, said his spokesperson, Vincent Magwenya.

THE cabinet endorsed an investment plan to help South Africa transition away from the use of coal, a key step in securing $8.5bn (R156bn) in climate finance on offer from the world’s richest countries. The endorsement indicates that opposition to the deal from some government officials has been overcome.

RETAIL trade sales recorded a fourth consecutive month of decline, decreasing 1.8% in August compared with July. The fall reflects the erosive effect of higher inflation driven by surging fuel and food prices, and the effects of higher borrowing costs on the consumer. On an annual basis, sales grew 2% — below forecasts of a 4.2% rise.

CONSUMERS should brace for more expensive fuel in November as midmonth data from the Central Energy Fund shows that increases in the prices of all fuels are likely, said the Automobile Association. The main contributor to the increases is higher international oil prices. according to a new survey. The survey, conducted annually by global technology company Epson, measures the opinions and experiences of more than 520 South Africans as part of an international study of climate change. Confidence levels fell from 58.9% in 2021 to 56.6% in 2022, according to the SOUTH Africans’ Epson Climate Reality confidence that a climate Barometer. — crisis will be averted in BusinessLIVE and their lifetime declined, Bloomberg