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Financial News: South Africa Inflation Increases In March

South Africa Inflation Increases In March

04/20/2022 - 05:20:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation accelerated for the first time in three months in March, figures from Statistics South Africa showed on Wednesday.

The consumer price index grew 5.9 percent year-on-year in March, following a 5.7 percent rise in February and January.

Economists had expected a rate of 6.0 percent. Same rate of inflation was seen in December.

The main contribution came from prices of food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased 6.2 percent annually in March and the housing and utilities cost rose 4.8 percent.

Prices of transport, and miscellaneous goods and services grew 15.7 percent and 3.2 percent, respectively.

In March, inflation for goods rose 8.7 percent and those for services was 3.4 percent.

On a month-on-month basis, consumer prices rose 1.0 percent in March. This was in line with economists' expectations.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, climbed to 3.8 percent in March from 3.5 percent in February. Economists had forecast 3.7 percent.

On a monthly basis, the core CPI rose 0.8 percent in March, while economists' expected a 0.7 percent increase.

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