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CPI slightly lower than expected

25 Jul 2013

SA's consumer price index (CPI)‚ used to measure inflation‚ rose to 5.5% year-on-year in June from a 5.6% year-on-year increase in May‚ Statistics SA (Stats SA) said on Wednesday (24 July).

The inflation rate was expected to have come in at 5.7% year-on-year‚ according to a survey of leading economists by I-Net Bridge. Forecasts among the nine economists ranged from 5.5% to 5.9%.

CPI increased by 0.3% month-on-month in June from a 0.3% month-on-month decrease in May. The annual CPI average was 5.6% last year compared with 5.0% in 2011 and 4.3% in 2010.

The food and non-alcoholic beverages index increased by 0.1% between May and June‚ while the annual rate increased to 6.8% in June from 6.4% in May.

The following components in the food and non-alcoholic beverages index increased: other food (1.6%)‚ cold beverages (1.5%)‚ hot beverages (1.0%)‚ milk‚ eggs and cheese (0.8%)‚ oils and fats (0.8%)‚ sugar‚ sweets and desserts (0.7%) and fish (0.1%), while three sectors decreased, namely vegetables (-1.0%)‚ fruit (-0.6%) and meat (-0.5%).

The housing and utilities index increased by 0.9% between May and June‚ mainly because of a 1.5% increase in actual rentals for housing and a 1.4% increase in owners' equivalent rent.

The annual inflation rate was unchanged at 5.8% in June.

The provinces with an annual inflation rate lower than or equal to headline inflation were KwaZulu-Natal (5.5%)‚ Limpopo (5.3%)‚ North West (5.2%)‚ Mpumalanga (5.2%)‚ Western Cape (5.0%) and Eastern Cape (4.9%).

The provinces with an annual inflation rate higher than headline inflation were Free State (5.9%)‚ Northern Cape (5.7%) and Gauteng (5.7%).

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za