Johannesburg – Statistics South Africa on Wednesday announced that Annual Consumer Price inflation had decreased to 5,3% in March 2024.
“Headline consumer price index (CPI) for all urban areas annual consumer price inflation was 5,3% in March 2024, down from 5,6% in February 2024,” Stats SA said.
The consumer price index increased by 0,8% month-on-month in March 2024.
Stats SA said the main contributors to the 5,3% annual inflation rate were:
- housing and utilities (increased by 5,9% year-on-year and contributed 1,4 percentage points);
- miscellaneous goods and services (increased by 8,5% year-on-year and contributed 1,2 percentage points);
- food and non-alcoholic beverages (increased by 5,1% year-on-year and contributed 0,9 of a percentage point); and
- transport (increased by 5,3% year-on-year and contributed 0,8 of a percentage point).
Following a two-month upswing, headline inflation softened last month.
Stats SA said in March 2024, the annual inflation rate for goods was 5,7%, down from 6,2% in February 2024; and for services, it was 5,0%, up from 4,9% in February 2024.
The rate has held its ground between 5% and 6% since September 2023.