Statistics South Africa (Stats SA) says annual consumer price index (CPI) inflation dropped from 5.6% in February to 5.3% in March, returning to the level it settled at in January.

In its report on annual CPI data released on Wednesday, Stats SA said the main contributors to the 5.3% annual inflation rate were:

• housing and utilities;
• miscellaneous goods and services;
• food and nonalcoholic beverages; and
• transport.

“In March the annual inflation rate for goods was 5.7%, down from 6.2% in February, and for services it was 5.0%, up from 4.9% in February.”

Housing and utilities increased by 5.9% year-on-year and contributed 1.4 percentage points to the CPI.

Miscellaneous goods and services increased by 8.5% year-on-year and contributed 1.2 percentage points to the CPI.

Food and nonalcoholic beverages increased by 5.1% year-on-year and contributed 0.9 of a percentage point.

Transport increased by 5.3% year-on-year and contributed 0.8 of a percentage point.

The report added the CPI increased by 0.8% in March. CPI headline year-on-year rates for the year are staying below the average of 6.0% of 2023 and 6.9% of 2022. However, the year-on-year rates are above the average of 4.5% of 2021 and 3.3% in 2020.

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