Pork price rise helps drive food inflation

Consumer prices inflation (CPI) 2.1% year on year in October which was below the market estimates of 2.4%.

Food prices were up 5.2% which accounted for 1.43% of the total 2.4% increase. Most products in the CPI basket ticked lower compared to September, however pork rose 9.4% in the month, pushing inflation higher.

The rise in pork prices accounted for 0.64% of the total 2.4% increase in October CPI.

Producer price inflation (PPI), fell 1.3% year on year. In October 2021, PPI was at 13.5%. This is the first decline in producer prices since December 2020.