Annual consumer inflation rate stays at 3.2%

Inflation

Cape Town — StatsSA has reported that the annual consumer inflation rate remained steady at 3.2% in February, unchanged from January. The consumer price index (CPI) recorded a monthly increase of 0.9%.

In a statement, StatsSA noted that this marks the fourth consecutive month that inflation has remained above the October 2023 low of 2.8%.

Among the categories that recorded price increases were recreation, sport & culture; food & non-alcoholic beverages (NAB); alcoholic beverages & tobacco; and communication.

Meanwhile, inflation eased for personal care & miscellaneous services; health; restaurants & accommodation; furnishings, household equipment & routine maintenance; and transport.

Food & NAB inflation rose to 2.8% from 2.3% in January. Within this category, fruit & nuts, vegetables, hot beverages, seafood, meat, and cereals saw higher price increases. In contrast, cold beverages; milk, dairy & eggs; oils & fats; and sugar recorded lower inflation rates.

Maize meal prices increased by 10.6% year-on-year, while samp saw an 18.7% rise. The average price of maize meal reached R74.52 (up from R68.52 last year), and a 1kg bag of samp now costs R22.86 (compared to R19.28 last year).

Other notable price changes were seen in medical insurance and health services. Medical aid premiums rose by 10.5% annually, medical services increased by 6.1%, general practitioner (GP) consultation fees went up by 6.6%, and dental services saw a 5.2% increase.

Fuel prices also climbed, rising 3.9%. The price of 95 unleaded petrol inland now stands at R22.41 per litre (up from R21.59 in January), though still lower than February 2024’s price of R23.24 per litre.

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Compiled by Matthew Petersen

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