South Africa

South Africa Inflation March 2023

South Africa: Inflation accelerated to three-month high in March

Inflation came in at 7.1% in March, up from February’s 7.0%. March’s reading was the highest inflation rate since December 2022. Looking at the details of the release, the pickup was chiefly due to prices for food and non-alcoholic beverages increasing at a quicker pace. This more than offset transportation and housing and utilities prices rising at weaker rates in March.

Consequently, the trend pointed up mildly, with annual average inflation coming in at 7.2% in March (February: 7.1%). Meanwhile, core inflation was unchanged, coming in at February’s 5.2% in March.

Lastly, consumer prices increased 1.02% from the previous month in March, accelerating from February’s 0.75% increase. March’s uptick was the highest reading since July 2022.

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