Milk, cheese, eggs, vegetable prices soar but annual consumer inflation slowing

The milk, eggs and cheese product group has recorded its highest annual price increases in 14 years, Stats SA says.

Vegetables recorded their highest annual price hike in 15 years.

Meanwhile, overall, annual consumer inflation slowed to 6.8% last month from 7.1% in March.

Stats SA said this was the lowest reading since May last year, when the rate was 6.5%.

On average, vegetables were 23.1% more expensive last month compared with April last year, with onions up 52.8%, carrots (29.8%), peppers (25%) and potatoes (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 nonalcoholic 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, 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% last month.

Used vehicles are 12.9% more expensive than a year ago.

New vehicles witnessed slower inflation, with prices increasing 6.7% over this period.

Transport recorded its ninth successive month of disinflation (decline in the rate of inflation) last month, 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%).