South Africa’s consumer inflation climbs to 7 percent in February

0
Inflation
Inflation

South Africa’s annual consumer inflation rose for the first time in four months, which edged to seven percent in February from 6.9 percent in January with food, non-alcoholic beverages and transport being the main contributors, official data showed Wednesday.

The consumer price index, a main gauge of inflation, rose by 0.7 percent between January and February, representing the largest monthly increase since July 2022, said the Statistics South Africa.

Maize meal, an important staple in the country, continued to see high rates of inflation, with its price index increasing by 2.2 percent between January and February. The figure took the annual inflation rate of maize meal to 34.7 percent.

Meat inflation also continued to accelerate, reaching 11.4 percent in February from 11.2 percent in January. This is the highest annual increase for meat since February 2018, the data showed.

In February, cold beverages registered an annual price increase of 8.5 percent with a monthly rise of 2.7 percent.

Fuel prices increased by a relatively modest rate, which went up 0.9 percent between January and February, bringing its annual inflation rate to 10.9 percent, the department said. Enditem

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here