After a reprieve at the end of 2019 and in January, fuel prices have started to rise again
Another fuel price hike in March led to inflation hitting the midpoint of the Reserve Bank’s 3%-6% target range.
Inflation, as measured by the annual change in the consumer price index , accelerated to 4.5% in March from February’s 4.1%.The rise in inflation was based on a 6.4% increase in alcoholic beverages and tobacco; a 4.5% increase in housing and utilities; and a 6.4% increase in transport. After a reprieve at the end of 2019 and in January, fuel prices rose again in February. March saw a steep increase of 74c/The fuel component increased by 8.8% compared with a year before and by 5.1% compared with February.
Although overall food inflation was 2.3% in January, Stats SA said vegetable prices showed an alarming annual inflation rate of 9.4% and fruit 7.6%. The annual change in CPI is the key measure used by the Reserve Bank’s monetary policy committee to set interest rates. The committee is scheduled to announce its next decision on May 23.Analysts say that the relatively contained inflation outlook and the weak economy will convince the Reserve Bank to keep interest rates unchanged.
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