March inflation declines to 5.3%

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Statistics  South Africa’s (Stats SA) newly released data shows that headline consumer inflation declined to 5.3% in March from 5.6% in February.

On a monthly basis, inflation rose 0.8% in March. This after a 1% increase in the previous month.

In a statement, Stats SA says the categories with the highest annual price changes in March were miscellaneous goods and services, education, health and housing.

Overall, school fees were 6.3% more expensive this year than last year. This exceeds the 5.7% annual increase in 2023 and is the highest since 2020 when the rate was 6.4%.

The South African Reserve Bank kept its main interest rate unchanged at 8.2% last month, stating its policy stance needed to remain restrictive to tackle higher inflation expectations.