ANNUAL consumer price inflation in South Africa rose to 5,9 percent in March from 5,7 percent in February, driven in large part by fuel price hikes.
This was slightly lower than expected – economists polled by Reuters forecast a six percent increase. The latest inflation number also remains within the SA Reserve Bank’s three percent to six percent target range
The monthly change in the index was one percent in March, up from 0.6 percent in February, Statistics SA reported.
Transport prices increased by 14,3 percent year-on-year, with fuel prices up by more than seven percent between February and March. Compared to a year ago, petrol prices were 33 percent more expensive, and diesel 35 percent pricier.
However, flood inflation softened in March, with the annual rate cooling from 6,4 percent to 6,2 percent.
Bread and cereal prices continued to climb, increasing by a monthly rate of 1,1 percent in March following a 2,4 percent spike in February. Meat, milk, eggs, and sugar-related products also increased.
But after strong price hikes for three months in a row, prices for oils and fats dipped by 0,1 percent. Still, despite a 0,7 percent decline in the price of sunflower oil from February to March, it is 27 percent more expensive than a year ago, Statistics SA notes. – news24.com