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This adjustment comes against a backdrop of relative stability, with inflation rates consistently hovering between 5% and 6% since September 2023.
Notably, the monthly change in the Consumer Price Index (CPI) for March 2024 registered at 0.8%, marking a decrease from the 1.0% uptick observed in February 2024. These shifts underscore the nuanced dynamics shaping the country's inflationary landscape.
The categories with the highest annual price changes in March were:
The increase in miscellaneous goods & services was mainly driven by higher health insurance premiums, recorded by Stats SA in February. As reported in last month’s review, the average price of health insurance increased by 12.9% in 2024.
The 6.0% annual rise in the health index was driven by increased prices of medical products and medical services.
Inflation for food and non-alcoholic beverages (NAB) slowed to 5.1% in March from 6.1% in February. This is down from its recent peak of 14.0% in March 2023, and is the lowest annual increase since September 2020 when the rate was 3.8%.
Bread & 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, maize meal, ready-mix flour and white bread are less expensive than a year ago.
Meat inflation also cooled in March on the back of lower beef and mutton prices. The annual rate for meat in March was 0.8%, significantly lower than the recent peak of 11.4% in February 2023.
Annual inflation for sugar, sweets & desserts has remained above the 15% level since June 2023.
The rate in March 2024 was 17.8%. Products with the most significant annual price increases include brown sugar (up 22%), white sugar (up 20.1%), chocolate slabs (up 17.9%) and chocolate bars (up 15.9%).
Additional significant price fluctuations observed in March were: