Consumer inflation inches higher in March
Headline consumer inflation inched higher again on March, Stats SA announced on Wednesday.
CPI to rose to 7,1% in March, up from 7% in February and 6,9% in January.
Stats SA’s Patrick Kelly says food, non-alcoholic beverages and transport were the main drivers behind the increase in inflation.
“Inflation for food & non-alcoholic beverages continued to accelerate, with prices increasing by 14,0% in the 12 months to March. This represents the largest annual increase since the 14,7% rise in March 2009 (14 years ago)”.
“In March, milk, eggs & cheese; sugar, sweets & desserts; fruit and vegetables; and the product category 'other food products' experienced upward inflationary pressure. The milk, eggs & cheese product group witnessed its annual rate reaching 13,6% from the recent low of 3,7% in April 2022. The reading in March is the highest annual increase since February 2009's print of 13,9%.
“Bread & cereals, meat, oils & fats, and fish bucked the trend, recording slower growth. The annual increase for bread & cereals was 20,3% in March, down from 20,5% in February. Meat inflation edged lower to 10,6% from 11,4% in February. Prices of oils & fats decreased for a seventh successive month, dragging the annual rate to 16,0% from 16,7%”.
The fuel prices rose by 4,5% between February and March.
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