SA CPI annual average 5.0% in 2011 (4.3% 2010)
Business Live - Jan 18th 2012, 11:02
The increase in South Africa's consumer price index (CPI), which is used by the SA Reserve Bank (SARB) for its inflation target, was 6.1% year on year (y/y) in December, from 6.1% y/y in November, Statistics SA (Stats SA) said on Wednesday.
The inflation rate was expected to have ticked up slightly to 6.2% y/y in December from the 6.1% y/y seen in November, according to a survey of leading economists by I-Net Bridge.
Forecasts among the seven economists ranged from 6.1% to 6.3%.
CPI increased 0.2% month on month (m/m) in December from 0.3% in November.
The annual average consumer rate was 5.0% in 2011 from 4.3% in 2010, 7.1% in 2009 and 11.5% in 2008. It was at 7.1% in 2007.
The annual average for CPI was 4.7% in 2006 from 3.4% in 2005, compared with only 1.4% in 2004, which was the lowest annual average since 1958.
The food and non-alcoholic beverages index increased by 0.3% between November 2011 and December 2011. The y/y rate increased to 11.1% in December 2011 from 10.7% in November 2011. The following components in the food and non-alcoholic beverages index showed monthly increases: fruit (2.8%), meat (2.0%), bread and cereals (0.8%), oils and fats (0.7%), milk, eggs and cheese (0.1%) and hot beverages (0,1%). The following components had monthly declines: vegetables (-2.9%), other food (-1.2%), cold beverages (-0.9%), fish (-0.7%) and sugar, sweets and desserts (-0.4%).
The housing and utilities index increased by 0.5% between November 2011 and December 2011, mainly due to a 0.8% increase in the prices of actual rentals for housing and a 0.7% increase in the price of owners' equivalent rent. The y/y rate eased to 6.5% in December 2011 from 6.6% in November 2011.
The provinces with an annual inflation rate lower than or equal to the national inflation were Western Cape (5.9%) and Gauteng (5.8%). The provinces with an annual inflation rate higher than headline inflation were Northern Cape (7.8%), Eastern Cape (7.7%), Free State (7.1%), North West (6.7%), Mpumalanga (6.7%), KwaZulu-Natal (6.6%) and Limpopo (6.4%).
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