Inflation quickens at fastest pace in more than a year
Headline consumer inflation accelerated to 4.4% in April on an annual basis, up from 3.2% in March, Stats SA announced.
Stats SA released the Consumer Price Inflation (CPI) on Wednesday.
It says the main contributors to the inflation rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.
While it is one of the biggest jumps in inflation since the start of the Covid-19 lockdown in March 2020, inflation remains within the Reserve Bank’s target range of between 3 and 6%.
Chief Director for Price Statistics Patrick Kelly says oils, fat products and cooking oil saw one of the more significant increases.
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"Oils and fat products hit an inflation rate of 16.7%, the highest since August 2016 that is 56 months ago.
"Cooking oil prices rose by 21.6% over the past 12 months."
April's inflation comes as a result of rising food and transport prices.
"Transport inflation jumped to 10.6% in April mainly due to a rise in fuel prices, public transport and new vehicles.
"Petrol prices reached their highest levels on record."
Other food prices that have seen an increase in prices include IQF chicken portions and stewing beef.
"Prices for milk, eggs and cheese products rose by 7.8% over the past twelve months," adds Kelly.
