CPI inflation dips back to 5.3% in March — Stats SA

Stats SA released CPI data for March 2024 on Wednesday. Stock image.
Stats SA released CPI data for March 2024 on Wednesday. Stock image.

Statistics South Africa (Stats SA) says annual consumer price index (CPI) inflation dropped from 5.6% in February to 5.3% in March, returning to the level it settled at in January.

In its report on annual CPI data released on Wednesday, Stats SA said the main contributors to the 5.3% annual inflation rate were:

  • housing and utilities;
  • miscellaneous goods and services;
  • food and nonalcoholic beverages; and
  • transport.

“In March the annual inflation rate for goods was 5.7%, down from 6.2% in February, and for services it was 5.0%, up from 4.9% in February.”

Housing and utilities increased by 5.9% year-on-year and contributed 1.4 percentage points to the CPI.

Miscellaneous goods and services increased by 8.5% year-on-year and contributed 1.2 percentage points to the CPI.

Food and nonalcoholic beverages increased by 5.1% year-on-year and contributed 0.9 of a percentage point.

Transport increased by 5.3% year-on-year and contributed 0.8 of a percentage point.

The report added the CPI increased by 0.8% in March. CPI headline year-on-year rates for the year are staying below the average of 6.0% of 2023 and 6.9% of 2022. However, the year-on-year rates are above the average of 4.5% of 2021 and 3.3% in 2020.



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