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South Africa Inflation Steady At 5.7%

South Africa’s consumer price inflation remained unchanged in February, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 5.7 percent year-on-year in February, same as seen in January. Economists had expected a rate of 5.8 percent. In December, inflation was 5.9 percent.

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 6.4 percent annually in February and the housing and utilities cost rose 4.4 percent.

Prices of transport, and miscellaneous goods and services grew 14.3 percent and 3.2 percent, respectively.

In February, inflation for goods remained unchanged at 8.1 percent and those for services was 3.1 percent.

On a month-on-month basis, consumer prices rose 0.6 percent in February. Economists had expected a growth of 0.8 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was stable at 3.5 percent in February. Economists had forecast a rise to 3.7 percent.

On a monthly basis, the core CPI rose 0.5 percent in February, while economists’ expected a 0.8 percent increase.

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