MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / CPI dips slightly in March

CPI dips slightly in March

CPI dips slightly in March

Consumer inflation has marginally dipped from 5.6% in February to 5.3% in March, Statistics South Africa (Stats SA) said on Wednesday.

 The Consumer Price Index was 0.8% in March down from 1% in February.

“The categories with the highest annual price changes in March were miscellaneous goods and services up 8.5%, education up 6.3%, health up 6.0% and housing and utilities up 5.9%.

“Education fees are surveyed once a year in March. Overall, education was 6.3% more expensive in 2024 than it was in 2023. This exceeds the 5.7% annual increase in 2023 and is the highest since 2020 when the rate was 6.4%,” Stats SA said.

Stats SA said food inflation in South Africa is now at “at a three-and-a-half-year low”.

“Inflation for food and non-alcoholic beverages slowed to 5.1% in March from 6.1% in February. This is down from its recent peak of 14.0% in March 2023, and is the lowest annual increase since September 2020 when the rate was 3.8%.

“Bread and cereals registered a softer annual print of 5.0% from February’s 6.1%. The rate is substantially lower than the recent high of 21.8% in January 2023. Bread flour, pasta, rusks, maize meal, ready-mix flour and white bread are cheaper than a year ago.

“Meat inflation also cooled in March on the back of lower beef and mutton prices. The annual rate for meat in March was 0.8%, significantly lower than the recent peak of 11.4% in February 2023.

“Annual inflation for sugar, sweets and desserts has remained above the 15.0% level since June 2023. The rate in March 2024 was 17.8%. Products with the most significant annual price increases include brown sugar up 22.0%, white sugar up 20.1%, chocolate slabs up 17.9% and chocolate bars up 15.9%,” the institution said.

According to Stats SA, the increase in excise taxes has fuelled inflation growth for alcohol and tobacco while housing and transport also rose.

“The index increased by a monthly 1.9% in March. This is the highest monthly rise since March last year when excise tax increases led to a 2.2% monthly rise. Prices increased by 4.5% overall in the 12 months to March.

“Housing rents were surveyed in March, rising by 0.8%. The transport index rose by 2.0% between February and March, mainly due to a monthly rise of 5.3% in fuel prices. On average, petrol increased by 5.2% and diesel by 5.3%,” Stats SA said. – SAnews.gov.za

 

NeoB
Wed, 04/17/2024 – 11:03

345 views

Consumer inflation has marginally dipped from 5.6% in February to 5.3% in March, Statistics South Africa (Stats SA) said on Wednesday.

 The Consumer Price Index was 0.8% in March down from 1% in February.

“The categories with the highest annual price changes in March were miscellaneous goods and services up 8.5%, education up 6.3%, health up 6.0% and housing and utilities up 5.9%.

“Education fees are surveyed once a year in March. Overall, education was 6.3% more expensive in 2024 than it was in 2023. This exceeds the 5.7% annual increase in 2023 and is the highest since 2020 when the rate was 6.4%,” Stats SA said.

Stats SA said food inflation in South Africa is now at “at a three-and-a-half-year low”.

“Inflation for food and non-alcoholic beverages slowed to 5.1% in March from 6.1% in February. This is down from its recent peak of 14.0% in March 2023, and is the lowest annual increase since September 2020 when the rate was 3.8%.

“Bread and cereals registered a softer annual print of 5.0% from February’s 6.1%. The rate is substantially lower than the recent high of 21.8% in January 2023. Bread flour, pasta, rusks, maize meal, ready-mix flour and white bread are cheaper than a year ago.

“Meat inflation also cooled in March on the back of lower beef and mutton prices. The annual rate for meat in March was 0.8%, significantly lower than the recent peak of 11.4% in February 2023.

“Annual inflation for sugar, sweets and desserts has remained above the 15.0% level since June 2023. The rate in March 2024 was 17.8%. Products with the most significant annual price increases include brown sugar up 22.0%, white sugar up 20.1%, chocolate slabs up 17.9% and chocolate bars up 15.9%,” the institution said.

According to Stats SA, the increase in excise taxes has fuelled inflation growth for alcohol and tobacco while housing and transport also rose.

“The index increased by a monthly 1.9% in March. This is the highest monthly rise since March last year when excise tax increases led to a 2.2% monthly rise. Prices increased by 4.5% overall in the 12 months to March.

“Housing rents were surveyed in March, rising by 0.8%. The transport index rose by 2.0% between February and March, mainly due to a monthly rise of 5.3% in fuel prices. On average, petrol increased by 5.2% and diesel by 5.3%,” Stats SA said. – SAnews.gov.za

Read More at the Source

Category: Tag: , , , , ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Fun South African fact

    Dear Editor Fun South African fact: towns like Franschhoek and Stellenbosch are home to world-class wine farms set in stunning, scenic surroundings. Regards Aressa Smith In Response to/From: Luxury Properties Seized in New Lottery Crackdown

  • Condolences on the Passing of Lusanda Dumke

    Statement by Leander Kruger MPL – DA Buffalo City Constituency Leader: The Democratic Alliance in Buffalo City Metropolitan Municipality mourns the passing of Springbok Women’s rugby player and Mdantsane trailblazer, Lusanda Dumke, who lost her battle with cancer at the age of 28. South Africa has lost an exceptional athlete, a leader, and a source…

  • Rape Kits Delivered, But…

    Statement by Nicholas Gotsell MP – DA NCOP Member on Security & Justice: The DA can confirm that 2 840 rape kits arrived in Cape Town on Monday, following sustained DA oversight and pressure after multiple police stations across the Western Cape were found to be without this critical forensic evidence tool. While this delivery…

Reader Interactions

Comments

  2. Fun South African Fact: South Africa is extremely rich in mining and minerals and considered the world’s leader with nearly 90% of all the platinum metals on earth and around 41% of all the world’s Gold!