Stats SA updates its inflation basket
Patrick Kelly, head of price statistics at Statistics South Africa, said it was difficult to gauge what impact the update would have on upcoming inflation releases given subtle shifts in the weighting of some items.
Consumer inflation currently sits at the bottom of the central bank's target range, which has allowed it to cut interest rates at its last two meetings. Another rate cut is expected this week.
The update involved adding 71 products to the basket, removing 53 and reorganising 29 through merging, splitting or reclassification, the statistics agency said on Tuesday, 28 January 2025.
There are now 391 items in the basket, down from 396 previously.
Housing and utilities, food and non-alcoholic beverages, and transport continue to have the biggest weightings in the basket.
Statistics South Africa's Kelly said the weight of the food and non-alcoholic beverages category had risen while it had fallen for housing and utilities, suggesting the overall impact on headline inflation was likely to be muted.
The changes were informed by the results of a 2022/23 household income and expenditure survey.
The survey showed real average annual household income fell to about R204,000 in 2023 from R206,000 in 2015.
It also highlighted persistent racial disparities more than three decades after apartheid ended, with more than 45% of Black African households spending less than around R25,000 annually, showing they experience the worst financial constraints.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
10 hours ago
- Sharjah 24
FTA stresses prompt corporate tax registration
The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
Time Out Abu Dhabi
19 hours ago
- Time Out Abu Dhabi
There's a new advertiser permit in the UAE for social media: Here's why you might need it to avoid a fine
The UAE just made a major move in shaping the future of social media advertising. Starting three months from now, anyone posting promotional content – paid or not – will need an official 'advertiser permit' from the UAE Media Council. So yes, even if you're giving your best friend's café a shoutout or casually dropping a discount code on stories, you'll need to be licensed. This new rule applies to influencers, content creators and anyone working in digital advertising across platforms like Instagram, TikTok, YouTube and Snapchat. The goal? To support the growing content economy and raise the standard of digital ads in the UAE, while also keeping things transparent and professional. The Advertiser Permit will be free for the first three years and will come into effect after a three-month grace period. This allows content creators sufficient time to regularize their status and obtain the necessary approvals to ensure compliance with the approved standards.… — مجلس الإمارات للإعلام (@uaemediacouncil) July 30, 2025 What is the advertiser permit exactly? The permit – rolled out by the UAE Media Council – is free for the first three years. It's mandatory for any individual creating promotional content, whether they're being paid or not. Users will need to display their licence number clearly on their social media accounts and cannot allow others to advertise through their registered profiles. In short: if you're promoting, you need a permit and it has to be linked directly to your account. Visitor permits are also in the works and will be valid for three months, but they'll require registration through a licensed agency. Who doesn't need it? There are a few exceptions. If you're promoting your own product or company through your personal account, you're off the hook. Also exempt are minors under 18, provided their content is educational, cultural, athletic, or awareness-related. A new chapter in creator culture This isn't the UAE's first foray into influencer regulation. Back in 2018, the country introduced a licence requirement for influencers earning money online. And earlier this year, Abu Dhabi made it mandatory for paid content creators to get a permit specific to the emirate – or face a Dhs10,000 fine. But this latest update takes things further by covering free promotions too, marking a new era of accountability for the region's booming creator economy. With a three-month grace period in place, creators and advertisers alike have time to get their paperwork in order. So if you're planning on living that #ad life in the UAE, it's time to get compliant. Summer in Abu Dhabi The 27 best things to do indoors this summer in Abu Dhabi It's time for some air-conditioned bliss Psst: This is when summer officially ends in Abu Dhabi No complaints here 25 brilliant beach and pool day passes in Abu Dhabi Grab your SPF – a lush day by the water awaits
Zawya
19 hours ago
- Zawya
South Africa: Tourist accommodation revenue rises on strong hotel performance
The tourist accommodation industry recorded a 10.5% year-on-year increase in total income in May 2025, according to data released by Statistics South Africa (Stats SA). Measured in nominal terms (current prices), income from accommodation rose by 12.1% in May compared to the same month last year. This increase resulted from a 10.0% rise in the number of stay unit nights sold and a 1.9% increase in the average income per stay unit night sold. Hotels lead growth Hotels were the main contributors to the May 2025 year-on-year increase, showing a 19.1% rise and contributing 10.6 percentage points to the overall growth. The 'other accommodation' category – which includes lodges, guesthouses, and bed-and-breakfasts – grew by 3.2%, contributing 1.2 percentage points. In the three months ending May 2025, income from accommodation rose by 10.5% compared to the same period the previous year. This was driven by a 12.1% increase in income from hotels (contributing 6.9 percentage points) and an 8.5% increase in 'other' accommodation (contributing 3.1 percentage points). Month-on-month increases continue Seasonally adjusted income from accommodation rose by 3.8% in May 2025 compared with April 2025. This follows a 3.1% increase from March to April. The monthly Stats SA update offers a snapshot of demand trends in South Africa's accommodation sector. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
