Consumer price inflation in South Africa held steady at 3.2% in February. Key contributors included housing, utilities, and food sectors. There were notable increases in medical-aid premiums and health services. Inflation for maize meal reached a 17-month high, demonstrating pressure in essential goods.
In February, consumer price inflation in South Africa remained stable at 3.2%, the same as January, as reported by Statistics South Africa. Significant contributors to this annual inflation rate were the sectors of housing and utilities, which experienced a 4.4% increase, accounting for 1.0 percentage point, and food and non-alcoholic beverages, which rose by 2.8% and contributed 0.5 percentage points. Additional contributions came from restaurants and accommodation services.
Contrarily, categories such as recreation, sport and culture, alcoholic beverages and tobacco, and communication reflected elevated annual inflation rates compared to prior months. “Inflation cooled for several product categories, most notably, personal care and miscellaneous services, health, restaurants and accommodation, furnishings, household equipment and routine maintenance and transport,” stated Lekau Ranoto, director of CPI Operations at Stats SA.
The annual rate for food and non-alcoholic beverages increased to 2.8% in February, up from 2.3% in January. Elevated inflation rates were seen in fruit and nuts, vegetables, hot beverages, seafood, meat, and cereals, while cooler price increases were noted for cold beverages, dairy and eggs, oils and fats, and desserts. Furthermore, Ranoto indicated that inflation for maize meal, a staple for many South African households, achieved a 17-month high alongside a 19-month high for samp in February.
The inflation rise is attributed to pressures within the farming and manufacturing sectors of maize per the latest producer price index data. Average consumer prices for meat remained unchanged from January, yielding a monthly change of 0%. However, the annual inflation rate for meat was also stagnant at 0%. “The annual change in the price index for hot beverages was 14.6% in February, up from 13.7% in January,” noted Ranoto.
In other findings, Stats SA reported a 10.5% increase in medical-aid premiums this year, alongside a 6.1% rise in health services compared to an increase of 5% the prior year.
The consumer price inflation in South Africa remained constant at 3.2% in February, with notable pressures from housing and utilities. Increases were observed in essential food products, alongside stagnant prices for meat. Additionally, there was a considerable rise in medical-aid premiums and health service costs, highlighting ongoing economic challenges within the sector.
Original Source: www.zawya.com
