Consumers have received a measure of relief after inflation eased from 3.5% in January to 3% in February, according to the latest figures released on Wednesday 18 March, by Statistics South Africa.
The data shows that the main contributors to the annual consumer inflation rate were housing and utilities, food and non-alcoholic beverages, as well as insurance and financial services.
The latest figure places inflation at the lower end of the South African Reserve Bank’s target range, aligning directly with its 3% benchmark.
Stats SA’s Patrick Kelly said the decline was largely influenced by a delay in the adjustment of medical aid premiums.
“This February’s monthly print was lower than the average for the month, and we attribute this to three main factors. First, there was a delay in the implementation of new monthly medical aid rates. Most medical aids increase prices at the beginning of each year and are surveyed by Stats SA in February,” he said.
Kelly added that not all schemes had implemented their increases at the time of the survey, which contributed to the lower inflation reading.
“This delay resulted in a lower monthly change in the CPI than might otherwise have been the case,” he explained.
