Rand gains as consumer price inflation drops for March

(iStock)
(iStock)

Cape Town - South Africa's annual consumer price inflation rate for March has come in at 3.8% Statistics SA announced on Wednesday, 0.2% lower than in February. 

This is the lowest rate for an annual CPI increase since February 2011. On average, prices increased by 0.4% between February 2018 and March 2018.

TreasuryONE said in a snap note that the CPI data was lower than the expectations of economists of around 4.1%. 

"The rand reacted positively to the number, and is trading at R 12.00 to the US dollar down from R 12.04/$. The rand, however, is still stuck within tight ranges and needs further impetus to move in either direction," it said. 

According to Stats SA data, some of the biggest relative increases in price between March 2017 and March 2018 were for meat (10%), wine (6.8% ), beer (7.1%) and water (6.9%).

The price of bread and other cereals decreased by 4.8%, while the prices of telecommunications equipment dropped by 15%. 

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