Inflation inches higher for second consecutive month
Headline consumer inflation quickened for a second consecutive month, rising to 5,6% in February from 5,3% the previous month.
Stats SA announced the latest headline consumer inflation on Wednesday morning.
Chief Director for Price Statistics at Stats SA, Patrick Kelly, says the rise in consumer inflation came despite an easing in the rise of food prices.
"Product categories that drove much of the upward momentum include housing and utilities, miscellaneous goods & services (most notably, insurance), food and non-alcoholic beverages (NAB) and transport.
“A 10,3% month-on-month increase in medical aid premiums in the miscellaneous goods & services category took the annual rate for health insurance to 12,9%. Premiums for all types of insurance have increased by 9,5% over the past year.
“Inflation for food & NAB slowed to 6,1% in February.”
Kelly says the lingering impact of rising egg prices continues to affect the milk, eggs and cheese category, with eggs 30,7% more expensive than a year ago.
"Although the current average price of a tray of six eggs (R25,48) is down from its peak in December 2023 (R25,85), it is higher than the February 2023 price tag (R21,13).”
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