Inflation eases for first time in 2024

Stats SA says the consumer price index came down after a two-month climb from 5.6% in February. 

The agency's Patrick Kelly says some of the main contributors were costs related to education, health, and housing utilities.

"Education fees are surveyed once a year in March. Overall, education was 6,3% more expensive in 2024 than it was in 2023. This exceeds the 5.7% annual increase in 2023 and is the highest since 2020, when the rate was   6.4%. 

"High schools recorded the most significant increase in 2024 (up 7,3%), followed by primary schools and tertiary institutions (both up by 5.9%).

“Crèches and university boarding were also surveyed in March. Crèches increased their fees by 6%. University boarding is on average 8.2% more expensive than a year ago."

Kelly says inflation for food and non-alcoholic beverages slowed to 5.1% in March from February's 6.1%.

"This is down from its recent peak of 14% in March 2023 and is the lowest annual increase since September 2020 when the rate was 3,8%.

“Bread and cereals registered a softer annual print of 5% from February’s 6.1%. The rate is substantially lower than the recent high of 21.8% in January 2023. Bread flour, pasta, rusks, maise meal, ready-mix flour and white bread are cheaper than a year ago."