Food, non-alcoholic beverages main drivers of CPI increase - Stats SA
While annual inflation for bread and cereals dropped slightly to 20.5% in February, starch foods continue to drive food inflation higher.
JOHANNESBURG - High food inflation has continued to bite consumers, according to Statistics South Africa.
The February reading for the consumer price index (CPI) stands at 7% – a slight increase for the first time in four months.
Annual consumer #inflation rose for the first time in four months, edging to 7,0% in February from 6,9% in January.
' Stats SA (@StatsSA) March 22, 2023
Read more here: https://t.co/mvcseo0WDe #StatsSA #CPI pic.twitter.com/cMhDODvxsl
And the driving factor is food and non-alcoholic beverages, which hit record-high increases of 13.6%.
While annual inflation for bread and cereals dropped slightly to 20.5% in February, starch foods continue to drive food inflation higher.
A loaf of bread costs an average of R14 and R22.
Maize meal, an important staple, continues to see high price increases, with its index up 2.2% between January and February.
The cost of a 10kg bag of maize meal ranges between R120 and R150.
Maize meal, an important staple, continues to see high rates of #inflation. Its price index increased by 2,2% between Jan & Feb, taking the annual rate to 34,7%. Catch #StatsSA on @SAfmRadio at 15:50 as we unpack the latest #CPI numbers.
' Stats SA (@StatsSA) March 22, 2023
More here: https://t.co/VXeCzhAPzq pic.twitter.com/3YpYvc58TY
Meat inflation also continues to accelerate, reaching 11.4% in February, making it the highest annual increase for meat since February 2018.
But Stats SA's Patrick Kelly said that there was an upside.
"Annual inflation for the oils and fats category slowed for a sixth consecutive month, edging lower to 16.7%, the lowest reading since April 2021."
Kelly said that fuel prices increased by a relatively modest 0.9% between January and February.
