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Financial News: South Africa Inflation Rises In January

South Africa Inflation Rises In January

02/17/2021 - 03:55:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation rise in January, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 3.2 percent year-on-year in January, following a 3.1 percent increase in December. This was in line with economists' expectation. A similar higher rate of inflation was seen in November.

The main contributions to the annual inflation came from food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 5.4 percent annually in January and housing and utilities cost rose by 2.6 percent.

Prices of miscellaneous goods and services grew 6.5 percent.

On a month-on-month basis, consumer price grew 0.3 percent in January. Economists had expectation a 0.4 percent rise.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.3 percent in January. This was in line with economists' expectation.

On a monthly basis, the core CPI increased 0.1 percent in December. Economists had forecast a rise of 0.2 percent.

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