Inflation on the rise

Wed, 20 Apr 2011 11:36
Iafrica.com news - http://business.iafrica.com/news/723288.html

The increase in South Africa's consumer price index (CPI), which is used by the South African Reserve Bank (SARB) for its inflation target, was 4.1 percent year-on-year (y/y) in March from 3.7 percent in February, Statistics South Africa (Stats SA) said on Wednesday.

CPI was 1.2 percent month-on-month (m/m) from 0.7 percent in February.

CPI was expected at 3.9 percent y/y, according to a survey of leading economists by I-Net Bridge, with forecasts among the nine economists ranging from 3.7 percent to 4.0 percent.

According to Stats SA, the food and non-alcoholic beverages index increased by 1.2 percent between February 2011 and March 2011. The annual rate increased to 5.0 percent in March 2011 from 3,6 percent in February 2011. The following components in the food

and non-alcoholic beverages index increased: fruit (5.0 percent), oils and fats (3.4 percent), hot beverages (2.8 percent), meat (1.8 percent), sugar, sweets and desserts (1.8 percent), fish (1.4 percent), vegetables (1.0 percent), other food (0.7 percent), milk, eggs and cheese (0.5 percent) and bread and cereals (0.4 percent).

The following component decreased: cold beverages (-0.1 percent).

The alcoholic beverages and tobacco index increased by 3.7 percent between February 2011 and March 2011. The annual rate decreased to 5,2 percent in March 2011 from 7,2 percent in February 2011.

The clothing and footwear index increased by 0.3 percent between February 2011 and March 2011. The annual rate increased to 1.4 percent in March 2011 from 1.2 percent in February 2011.

The housing and utilities index increased by 0.8 percent between February 2011 and March 2011. The annual rate increased to 6.6 percent in March 2011 from 6.4 percent in February 2011.

The transport index increased by 1.2 percent between February 2011 and March 2011, mainly due to a 43c/l increase in the price of petrol. The annual rate increased to 3.3 percent in March 2011 from 2.6 percent in February 2011.

The education index increased by 8.6 percent between February 2011 and March 2011. The annual rate decreased to 8.6 percent in March 2011 from 9.2 percent in February 2011

The miscellaneous goods and services index increased by 0.4 percent between February 2011 and March 2011,mainly due to an 8.6 percent increase in crèche fees. The annual rate decreased to 3.1 percent in March 2011 from 3.2 percent in February 2011.