Headline inflation increased slightly from 1.6 percent in October to 1.7 percent in November 2024, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 3.9 percent recorded in November 2023. The marginal increase in inflation between October and November 2024 was mainly due to the acceleration in the rate of price change for a few categories, notably Transport and Recreation & Culture. Meanwhile, the rate of annual price change for most categories of goods and services decelerated slightly, while for some, they were unchanged. Inflation for domestic tradeables decreased from 4.5 percent to 4.3 percent between October and November 2024, due to the broad-based deceleration in food price increases. However, inflation for imported tradeables rose from -0.1 percent to 0.4 percent over the same period due to broad-based acceleration in the price increases of imported goods, likely on account of the recent depreciation of the Pula against the South African rand. Consequently, all tradeables inflation increased from 1.1 percent to 1.4 percent between October and November 2024. Inflation for non-tradeables decreased marginally from 2.4 percent to 2.3 percent over the same period.
Similarly, the 16 percent trimmed mean inflation increased from 1.6 percent to 1.7 percent between October and November 2024, while inflation excluding administered prices decreased from 3.2percent to 3.1 percent over the same period.