By Mpho Moloi
The South African government has expressed satisfaction with the steady decline in consumer inflation, which eased to 3.8% in September 2024, down from 4.4% in August. This is the lowest inflation rate the country has seen since March 2021, when it stood at 3.2%, marking a crucial development for the economy and offering much-needed relief to South African households.
According to Acting Government Spokesperson Nomonde Mnukwa, the reduction in inflation is mainly driven by lower transport costs, particularly falling fuel prices. Fuel prices have now declined for four consecutive months, with fuel costs on average 9% lower than a year ago. This decrease has eased pressure on households struggling with the rising cost of living and has also positively impacted broader economic stability.
Mnukwa emphasized that this trend aligns with the government’s ongoing efforts to implement policies that support long-term economic growth. “The continued easing of inflation, particularly in essential areas like transport, is a welcome relief for South African households. Lower fuel prices are helping to cushion the impact of broader economic challenges, and we remain committed to implementing policies that support economic stability and sustainable growth,” Mnukwa stated.
The inflation decrease is expected to support further policy adjustments, including potential interest rate cuts by the South African Reserve Bank, which could further lower borrowing costs for businesses and consumers alike. Overall, this decline represents a significant step in the right direction for economic recovery  .
With inflation now comfortably within the South African Reserve Bank’s target range of 3% to 6%, the government is optimistic that these improvements will foster greater economic confidence and stability. The government has reiterated its commitment to addressing other economic challenges, particularly those affecting vulnerable households, while ensuring that the positive inflation trend continues .
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