[ad_1]
Statistics South Africa has released its latest consumer price index, which shows that headline inflation fell to 2.9% in February from 3.2% in January.
This is the third time in the last 12 months that the annual rate has fallen below the lower limit of the South African Reserve Bank’s inflation target range. Inflation was below this 3% level in May and June of last year.
Health insurance is the most important item in the CPI basket and represents 7.6% of total household spending. The average annual increase in health care regimes surveyed in February 2021 was 4.7%, substantially lower than the rate recorded in February 2020 (9.6%).
After four consecutive months of falling prices, fuel posted a month-over-month price increase in January. Prices rose again in February, up 5.2% month-on-month. The price of 95 octane inland gasoline increased by 81 cents to R15.67 per liter between January and February.
Annual inflation for food and non-alcoholic beverages was 5.2% in February, below the 12-month high of 6% recorded in December. The monthly increase of 0.3% in February is lower than that registered in January (0.7%).
Some of the largest annual price increases (February 2020 vs. February 2021) were for the following goods and services:
- Beef offal: + 35.6%
- Sweet potatoes: + 28.3%
- Dried beans: + 26.2%
- Broccoli: + 22.6%
- Cauliflower: + 18.4%
- Lettuce: + 18%
- Whiteners: + 17.6%
- Fresh whole chicken: + 15.7%
- Beef steak: + 14.7%
- Sour milk: + 14.1%
- Sweets: + 13.1%
- Sunflower oil: + 13.1%
- Chocolate bar: + 13.0%
- Mushrooms: + 13.0%
- Corn-based drinks: + 12.9%
At 4.6%, annual inflation for bread and cereals was slightly off its own 12-month high of 5.1% in January. White bread prices increased 8%, while super corn flour prices decreased 3.5%.
Prices for milk, eggs and cheese products increased 6.4% from February 2020. The annual rate has been above the 5.5% level since October.
The average price of a two-liter carton of fresh whole milk increased from Rand 28.03 in February 2020 to Rand 29.27 in February 2021. Half a dozen eggs would have cost you an average of Rand 19.03 in February 2021, higher than the R15.87 recorded in February 2020.
Annual inflation for oils and fats was 10.6% in February 2021, the highest rate since November 2016. In contrast, inflation for fruits reached its lowest annual rate in 14 months. Vegetable prices fell 0.7%.
Read: This is the average net salary in South Africa right now
[ad_2]
