{"id":47299,"date":"2023-04-19T12:22:30","date_gmt":"2023-04-19T12:22:30","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14"},"modified":"2023-04-19T12:40:00","modified_gmt":"2023-04-19T12:40:00","slug":"another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14","title":{"rendered":"Another inflation shocker: CPI remains red hot as food price hikes hit 14%"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Contrary to forecasts, annual consumer price inflation is still heading higher \u2013 reaching 7.1% in March, up from 7.0% in February. Economists expected CPI to cool to below 7% in March.<\/p>\n

Instead, consumer prices rose by a full percentage point from February to March \u2013 the biggest monthly rise since July last year, Statistics SA said.<\/p>\n

This was largely the result of pricier food. Prices of food and non-alcoholic beverages rose by 14.0% over the past year, the biggest increase in 14 years. This contributed 2.4 percentage points to the total CPI annual rate of 7.1%, Statistics SA reported.<\/p>\n

Prices of milk, eggs and cheese rose by 13.6% over the past year, from an annual rate of below 4% a year ago.<\/p>\n

But inflation has started cooling in the categories for bread and cereals (20.3%, down from 20.5% in February), meat (10.6% from 11.4%) as well as oils and fats (16.7% to 16%).<\/p>\n

Prices for personal care items increased by 11.1%, the highest rate since 2009.<\/p>\n

While fuel prices rose by 4.5% between February and March due to price hikes, the transport index cooled to 8.9% in the 12 months to March, from 9.9% in February. This was the eighth consecutive month of slowing fuel inflation, Statistics SA reported.<\/p>\n

The latest inflation number included school and university fees, which are surveyed once a year in March.<\/p>\n

Primary and pre-primary school fees were up 6.3%, while fees for secondary school rose 5.8% and by 5.3% at tertiary institutions. Textbook prices jumped 11.3%, the largest annual increase since 2009.<\/p>\n

It’s still unclear whether the hotter-than-expected inflation rate in March will convince the monetary policy committee (MPC) to hike interest rates even higher at its next meeting at the end of May.<\/p>\n

In March, the MPC shocked markets by hiking rates by another 50 basis points after February’s inflation number also surprised on the upside.<\/p>\n

Reserve Bank governor Lesetja Kganyago estimated that load shedding is adding 0.5 percentage points to inflation.<\/p>\n

The next monetary policy meeting is scheduled for 23 to 25 May.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Contrary to forecasts, annual consumer price inflation is still heading higher \u2013 reaching 7.1% in March, up from 7.0% in February. Economists expected CPI to cool to below 7% in March. Instead, consumer prices rose by a full percentage point from February to March \u2013 the biggest monthly rise since July last […]<\/p>\n","protected":false},"author":84,"featured_media":47298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,1015,1977,275],"class_list":["post-47299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-inflation","tag-interest-rates","tag-south-africa-2"],"yoast_head":"\nAnother inflation shocker: CPI remains red hot as food price hikes hit 14% - South Africa<\/title>\n<meta name=\"description\" content=\"Contrary to forecasts, annual consumer price inflation is still heading higher \u2013 reaching 7.1% in March, up from 7.0% in ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another inflation shocker: CPI remains red hot as food price hikes hit 14%\" \/>\n<meta property=\"og:description\" content=\"Contrary to forecasts, annual consumer price inflation is still heading higher \u2013 reaching 7.1% in March, up from 7.0% in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T12:22:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-19T12:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1681890756.69.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Another inflation shocker: CPI remains red hot as food price hikes hit 14%\",\"datePublished\":\"2023-04-19T12:22:30+00:00\",\"dateModified\":\"2023-04-19T12:40:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1681890756.69.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"inflation\",\"interest rates\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/another-inflation-shocker-cpi-remains-red-hot-as-food-price-hikes-hit-14\",\"name\":\"Another inflation shocker: CPI remains red hot as food price hikes hit 14% - 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