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Business Report writes that SA’s consumer inflation inched up to 4.1% in February from 4% in the previous month on the back of a surge in fuel prices.
Data released by Statistics SA on Wednesday showed that inflation rose on administered and fuel price increases. Fuel prices increased by 7 cents a litre in February and by 74c a litre this month. PwC commented: “Fuel prices will see an annual increase in taxes and levies in April of around 30c a litre. Furthermore, electricity prices are increasing by 13.8 percent in July 2019. Food price inflation is likely to rise due to higher fuel and electricity costs as well as lingering drought conditions in certain parts of the country." In January, the SA Reserve Bank’s quarterly Projection Model forecast that headline inflation would average 4.6% this year and 4.8% in 2019, before increasing to 5.3% in 2020 and moderating to 4.8% in 2021. Investec economist Kamilla Kaplan pointed out that higher headline inflation readings in the coming months would be a function of administered price inflation.
- Read the full original of Kabelo Khumalo’s report on the CPI increase at Business Report
Get other news reports at the SA Labour News home page