Food inflation increases to all-time high

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Newly-released Statistics South Africa figures show that the country’s annual Consumer Price Index (CPI) increased from 6.9%  in January to 7% in February this year.

It says this shows that inflation increased by 0.7% on month-on-month in February.

Inflationary pressures came in from food and non-alcoholic beverages, housing and utilities and transport.

Food inflation increased to an all-time high at 13.6% year-on-year.

Transport inflation increased by 9.9% year-on-year.

Prices for food and non-alcoholic beverages increased by 13.6% over the past 12 months, up from 1.,4% recorded in January.

In statement Stats SA says the reading in February is the highest since April 2009 when it was also 13.6%.

“Annual inflation for bread and cereals was 20.5%, slightly lower than January’s 21,8%. Maize meal, an important staple, continues to see high rates of inflation. Its price index increased by 2.2% between January and February, taking the annual rate to 34.7%. Notable monthly price increases were also recorded for rusks, macaroni and savoury biscuits,” the statement elaborates.