Data released by Statistics South Africa indicates that inflation increased marginally by 0.1% from 7% in February, to 7.1% in March.
The main contributors to the increase were food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.
Food and non-alcoholic beverages accounted for the biggest contribution to the increase, reaching 14% year-on-year, followed by transport which rose by 8.9% on an annual basis.Economist at Econometrix, Laura Campbell says, “Unexpected increases in the headline inflation rate supports the view that the Reserve Bank will go ahead with another 0.25% in interest rates in May. Food inflation remains a key factor pushing the headline number up.
“Overall farmers are finding the cost of production rising substantially in South Africa due to load shedding food spoilage and wastage is a big problem due to the higher cost of self-generation.
Housing and utilities increased by 4% year-on-year, while miscellaneous and goods services increased by 5.9%, both contributing one and 0.9% respectively to the annual increase in CPI.
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