The latest data released by Statistics South Africa (Stats SA) shows that the annual consumer inflation rate remained unchanged at 3.2% in February. While the overall rate held steady from January, certain key sectors experienced notable price increases.
Food and fuel costs surged, driving up month-on-month inflation, which accelerated to 0.9% in February, a significant jump from 0.3% in January. This rise was primarily fuelled by higher prices in food, financial services, and fuel.
Stats SA’s Lekau Ranoto said that that goods inflation edged up to 2.5%, while services inflation declined to 3.8%.
Among the hardest-hit categories were recreation, sport and culture, food and beverages, alcoholic drinks, tobacco, and communication, all of which saw inflationary pressures increase.
“Inflation cooled for several product categories, most notably personal care and miscellaneous services, health, restaurants and accommodation, furnishings, household equipment and routine maintenance and transport,” she said.
“The annual rate for food and non-alcoholic beverages accelerated to 2.8 % in February from 2.3 % in January. Fruit and nuts, vegetables, hot beverages, seafood, meat and cereals recorded higher rates,’ she added.
The cost of essential food staples hit multi-month highs. Maize meal inflation soared to a 17-month peak, while samp prices reached a 19-month high.
Ranoto attributed this spike to inflationary pressures in maize farming and manufacturing, as reflected in the latest producer price index data.
“On average, consumer prices for meat stayed the same in February compared with January, resulting in a monthly change of 0%. The annual rate was also 0%. While meat remained subdued, inflation for hot beverages continues to accelerate.”
Meanwhile, medical insurance costs continued to rise.
“Medical aid premiums increased by 10.5% this year, slightly up from 10.3% in 2024. Health services rose by 6.1% compared with a 5% rise last year,” Ranoto added.
VOC News
Photo: Pexels
