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South Africa’s consumer inflation rose to 5,9 percent year on year in March from 5,7 percent in February, data from Statistics South Africa showed yesterday, slightly less than the 6 percent that analysts had forecast.
March consumer inflation was 1 percent from 0.6 percent in February, in line with economists’ predictions.
The March figures mean inflation remained within the central bank’s 3 percent-6 percent target range.
The South African Reserve Bank (SARB) has raised its main lending rate at each of its last three monetary policy meetings to combat price pressures.
Last month the SARB cited inflation risks linked to the war in Ukraine and said inflation was forecast to breach its target band in the second quarter.
Stats SA data yesterday showed core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to 3,8 percent year on year in March from 3,5 percent in February, and to 0,8 percent month on month from 0,5 percent previously. – Reuters
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