Fin24 reports that the consumer inflation rate dipped in March, after sustained increases since November 2019 saw the rate reach a 15-month high in February.
According to figures released by Statistics SA on Wednesday, the annual consumer price index (CPI) decreased to 4.1% year-on-year in March 2020, from 4.6% in February 2020. Month-on-month inflation, increased by 0.3%. Stats SA collected the CPI data only for the first three weeks in March as the nationwide lockdown brought economic activity to a standstill in many sectors before the end of the month, dramatically restricting what consumers could buy. The inflation rate for food and non-alcoholic beverages was slightly higher than the overall inflation, at 4.2% year-on-year. Categories that saw the biggest price increases in March were housing and utilities (4.8%) and miscellaneous goods and services (6.4%). Researchers have forecast that prices will fall in coming months. Absa has forecast CPI at around 2.6% in the second quarter of 2020.
- Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24
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