Despite annual consumer price inflation remaining unchanged at 5.2% from April to May, the latest figures spell bad news for coffee lovers.
This is according to the Consumer Price Index (CPI) May 2024 report by StatsSA.
Figures from StatsSA show that the price of hot beverages increased from 11.4% in April to 14.2% in May, the highest level since January 2023 which was 16.4%.
Inflation for instant coffee, ground coffee or coffee beans and black tea is above 10%. Instant coffee prices increased by an annual 17.9%, up from 13.8% in April.
According to StatsSA, the average price of a 250g of instant coffee was 82% higher in May 2024 than in January 2017, when Stats SA started publishing average prices.
The price of a 250g of instant coffee went from R34,83 in January 2017 to R63,28 in May 2024, a R28.45 increase.
Coffee drinkers that enjoy sugar and milk with their favourite cuppa can expect to pay higher prices for these goods, as the cost of these items has also risen in price over the same period, however, not as sharply as coffee.
While sugar inflation cooled in May, annual increases in the price of both white and brown sugar was in the double-digit territory, at 18.8% and 15.8%, respectively.
The cost of a 2,5kg bag of white sugar increased by 72% from January 2017 to May 2024. The price of white sugar went from R37.18 in January 2017 to R63.98 in May 2024, a R26.80 increase.
The price of a 2 litre full fresh cream milk increased by 37% from January 2017 to May 2024. The cost of milk increased from R26.06 in January 2017 to R35.73 in May 2024, a R9,67 hike.
This is how coffee, sugar, and milk prices have shifted since 2017.
— Stats SA (@StatsSA) June 19, 2024
Read more on the latest inflation figures here: https://t.co/QbATYtZP6Z #CPI #StatsSA pic.twitter.com/TqE9QHH9wi
Data from the report showed that the annual rates for four of the 12 product groups stayed steady between April and May 2024, including food and non-alcoholic beverages (NAB).
Higher rates were recorded for:
– transport
– alcoholic beverages and tobacco
– recreation & culture
Following five consecutive months of decreasing, food and non-alcoholic beverages inflation remained steady at 4.7% in May, unchanged from April.
Bread and cereals also continued on a downward trend, slowing further to 3.9%, the lowest annual reading for bread and cereals since February 2022 when the rate was 3.7%.
Nine of the 20 bread and cereal products in the inflation basket are cheaper than a year ago.
Rusks, hot cereals, pasta and savoury biscuits reported the biggest price decreases. However, inflation remains notably hot for goods like rice, pizza and pies, sweet biscuits, cakes and tarts, and bread rolls.
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