In February, South Africa’s consumer price inflation remained at 3.2%, with housing and utilities significantly impacting the rate. Food prices climbed, particularly for maize meal and hot beverages, while medical aid premiums surged by 10.5%. The article discusses the key components of inflation trends and their implications.
In February, South Africa’s consumer price inflation (CPI) remained steady at 3.2%, consistent with January’s rate, as reported by Statistics South Africa. Key contributors to this annual inflation included housing and utilities, which rose by 4.4%, leading to an impact of 1.0 percentage point. Additionally, food and non-alcoholic beverages increased by 2.8%, contributing 0.5 percentage points, while sectors like restaurants and accommodation also influenced inflation trends.
Certain categories demonstrated higher annual inflation rates compared to previous months, particularly in recreation, sport and culture, as well as alcoholic beverages, tobacco, and communication. Lekau Ranoto, Stats SA director of CPI Operations, noted that inflation trends have cooled for several product categories, including personal care, health, and transport services.
Food and non-alcoholic beverages saw an annual inflation rate rise to 2.8% in February from January’s 2.3%. Higher rates were recorded for items such as fruits, nuts, vegetables, and meat, while slower price increases were noted in categories like milk and dairy products. Ranoto mentioned that maize meal prices reached a 17-month high, while prices for samp also hit a 19-month peak, reflecting inflationary pressures from farming and manufacturing.
Consumer prices for meat remained unchanged in February, with an annual rate of 0%. Conversely, prices for hot beverages saw a notable increase, with an annual change of 14.6% compared to January’s 13.7%. Additionally, Stats SA reported a significant increase in medical-aid premiums by 10.5% this year and a rise in health services by 6.1%, up from last year’s 5% increase.
In conclusion, South Africa’s CPI held steady at 3.2% in February, with housing and utilities as significant contributors. Specific food categories, notably maize meal and hot beverages, experienced notable inflationary trends. Despite stable meat prices, other health costs have increased significantly. Overall, these trends highlight ongoing inflationary pressures across various sectors.
Original Source: www.zawya.com
