Inflation is ticking higher in South Africa, with food prices leading the way.
Annual consumer price inflation was 7.0% in February 2023, up from 6.9% in January 2023, as food price inflation climbed even higher.According to Stats SA, the main contributors to the 7.0% annual inflation rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.
In February, the annual inflation rate for goods remained unchanged at 9.5%; and for services it was 4.6% up from 4.3% in January. Rising core inflation is also a signal to the South African Reserve Bank that interest rate hikes may not be curbing inflation as intended and could see further hikes coming.
Prices for food and non-alcoholic beverages increased by 13.6% over the past 12 months, up from 13.4% recorded in January.Annual inflation for bread & cereals was 20.5%, slightly lower than January’s 21.8%. Maize meal, an important staple, continues to see high rates of inflation. Its price index increased by 2.2% between January and February, taking the annual rate to 34.7%.Meat inflation continues to accelerate, reaching 11.4% in February from 11.2% in January.
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