South Africa: Inflation picks up in March
April 22, 2015
In March, consumer prices rose 1.43% over the previous month, which followed February’s 0.63% increase. March’s figure marked the fastest increase since March 2008. According to Statistics South Africa, March’s result reflects higher prices for food and non-alcoholic beverages.
Annual inflation rose from 3.9% in February to 4.1% in March. As a result, inflation remains within the Central Bank’s target range of 3.0%-6.0%. Annual average inflation fell from February’s 5.8% to 5.6% in March, thus reaching the lowest level since June 2013.
Core consumer prices, which exclude prices for food, fuel and electricity, rose 1.1% over the previous month, which was below the 1.3% increase observed in February. Annual core inflation inched down from 5.9% in February to 5.7% in March.
Author: Dirina Mançellari, Senior Economist