South African annual inflation rate accelerated to 5.8 percent in January of 2014 from 5.4 percent in December as rand’s depreciation against the dollar pushed food and fuel costs up.
Year-on-year, the transport index grew 7.8 percent from 6.3 percent in December mainly due to a 38c/litre increase in the price of petrol.
The food and non-alcoholic beverages index increased 4.3 percent from 3.5 percent in December. Within this component, the increases were reported for prices of: vegetables (4.0 percent), other food (2.4 percent), fish (2.3 percent), meat (2.0 percent), cold beverages (2.0 percent), bread and cereals (1.0 percent), sugar, sweets and desserts (1.0 percent), fruit (0.9 percent), hot beverages (0.5 percent) and milk, eggs and cheese (0.4 percent). Oils and fats decreased 0.4 percent.
On a monthly basis, prices rose 0.7 percent. The biggest increases were reported for cost of food and non-alcoholic beverages (+1.6 percent), transportation (+1.2 percent) and miscellaneous goods and services (+ 0.5 percent).
The provinces with an annual inflation rate lower than or equal to 5.8 percent were Western Cape (5.7 percent), Free State (5.7 percent), Eastern Cape (5.5 percent), Northern Cape (5.3 percent), Mpumalanga (5.2 percent) and North West (5.1 percent). Limpopo (6.4 percent), KwaZulu-Natal (5.9 percent) and Gauteng (5.9 percent) showed higher price increases.
2/19/2014 11:07:25 AM