CPI up slightly, below expectations

The consumer price index (CPI), which measures inflation, rose slightly in December.

The consumer price index (CPI), which measures inflation, rose slightly in December.

JOHANNESBURG - Statistics South Africa (Stats SA) on Wednesday released the consumer price index (CPI) for December 2013, including the average annual inflation rate for the whole year.

The CPI shows the average price increases for consumers in urban areas and is released on a monthly basis.

In 2013 as a whole, according to the report, average prices rose by 5.7 percent.

This is 0.1 percent higher than the average inflation increase in 2012.

However, Stats SA's Patrick Kelly says the increase in prices from November to December was more significant.

"On a month-on-month basis, the CPI increased by 0.3 percent, which in fact is the highest increase in the past three months."

This increase was largely driven by higher fuel costs in December, with transport costs rising by an average of 0.8 percent.

This outweighed the benefits of a number of components in the food and non-alcoholic beverages index decreasing.

The report also indicated a specific December 2012 to December 2013 inflation rate of 5.4 percent, 0.3 lower than the average annual rate.

To see the full publication, click here.