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BL Premium reports that consumer price inflation quickened to 3.2% in March on an annual basis, up from 2.9% the previous month, according to Stats SA on Wednesday.
The consumer price index (CPI) increased 0.7% month-on-month in March. Consumer inflation has now stayed below the 4.5% midpoint of the SA Reserve Bank’s target band for 13 consecutive months. The main contributors to the 3.2% annual inflation rate were food and nonalcoholic beverages; housing and utilities; transport; and miscellaneous goods and services, Stats SA said. Food and nonalcoholic beverages inflation quickened by 5.7% year on year and contributed one percentage point to the total CPI annual rate of 3.2%. RMB chief economist Ettienne le Roux remarked as follows: “A low base in the second quarter of 2020 coupled with sharply higher energy costs could well see [consumer] inflation sustaining its upward trend, possibly even reaching 5% in coming months. There is little reason for alarm, however. Beyond a likely short-lived acceleration, the medium-term outlook for CPI inflation remains encouraging.”
- Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (paywall access only)
- See too, SA inflation muted on low underlying price pressures, at Moneyweb
Get other news reports at the SA Labour News home page