Price pressures ease on inflation

2010-04-29 00:00

THE consumer price index (CPI) in March eased further in line with expectations, coming in at 5,1% from 5,7% in February 2010.

The lower inflation figure comes on the back of easing price pressures in March in various categories of goods and services, including transport and food and beverages.

Statistics South Africa said yesterday that the annual rate for “miscellaneous goods and services” decreased to 8,7% in March from 8,9% in February.

CPI for durable goods — such as furniture, appliances, electronic equipment and motor vehicles — moved into deflationary territory (-0,3%) last month.

CPI was above six percent in December 2009 and January 2010.

The Reserve Bank’s monetary policy committee (MPC) target range for inflation is three to six percent.

Price pressures on consumers in Pietermaritzburg in March 2010 were less severe than in previous months.

The city’s CPI last month was 4,2% from 4,8% in February and 5,3% in January.

Excluding food and non-alcoholic beverages, CPI in Pietermaritzburg last month was 5,1%.

CPI in KwaZulu-Natal was 3,9% in March 2010 compared to 5,7% in the Western Cape and 5,2% in Gauteng.

CPI in Durban during March was four percent compared with February’s 4,3% and January’s 4,8%.

Food price deflation was recorded in Pietermaritzburg in March, coming in at -0,3% after barely registering positive growth (0,1%) in February and January (0,5%).

The food price index remained in deflationary territory last month in Durban. Durban’s food price index was -0,9% after February’s deflation (-0,7%).

As expected, CPI for administered prices (nationally) came in at a hefty 11,2% last month.

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