In February, South Africa’s consumer price inflation remained at 3.2%, with housing, utilities, and food being significant contributors. Categories such as recreation and health services showed varied inflation trends. Stats SA noted specific increases in food-related items, while essential goods like maize meal reached notable price heights.
Consumer price inflation in South Africa remained steady at 3.2% in February, unchanged from January, as reported by Statistics South Africa. Key contributors to this inflation rate included housing and utilities, which experienced a 4.4% increase, providing a significant 1.0 percentage point effect. Additionally, the food and non-alcoholic beverages sector rose by 2.8%, contributing 0.5 of a percentage point to the overall rate. Restaurants and accommodation services were also influential in this inflation assessment.
Several categories, including recreation, sport, culture, alcoholic beverages, tobacco, and communication, observed higher annual inflation rates relative to previous months. The director of CPI Operations at Stats SA, Lekau Ranoto, noted that while inflation cooled for various product categories, personal care, miscellaneous services, health, and transport showed such trends, indicating a mixed inflation landscape.
In February, the annual rate for food and non-alcoholic beverages increased to 2.8%, up from 2.3% in January. This increase was particularly marked by higher rates for fruit, vegetables, hot beverages, seafood, meat, and cereals. In contrast, some items, such as cold beverages, dairy, and oils, saw slower price increases during this period.
Notably, inflation for maize meal, a South African staple, reached a 17-month high, with samp also recording a 19-month high. Ranoto attributed the rise in prices to inflationary pressures within the farming and manufacturing sectors of maize, as evidenced by the recent producer price index data. Despite fluctuations in some categories, consumer prices for meat remained stable in February, showing no monthly change and a consistent annual rate.
Moreover, there was an impressive 10.5% increase in medical-aid premiums and a 6.1% rise in health services this year, compared to a 5% increase last year. These healthcare cost increases reflect ongoing pressures within the sector, emphasizing the multifaceted nature of inflation affecting South African consumers.
In summary, South Africa’s consumer price inflation held steady at 3.2% in February, driven mainly by increases in housing, utilities, and food segments. While some sectors experienced cooling inflation, areas like medical-aid premiums and health services saw notable increases. This complex inflation picture highlights ongoing economic pressures within various consumer categories.
Original Source: www.zawya.com
