South Africa Inflation 2020-2021

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Official South Africa Inflation 2020-2021

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Inflation edges up to 4,6%

South Africaā€™s annual inflation rate nudged up to 4,6% in February from Januaryā€™s 4,5%, inching past the 4,5% midpoint of the South African Reserve Bankā€™s monetary policy target range. The last time the inflation rate was above the midpoint was in November 2018 when the rate was 5,2%.

Inflation edges up to 4,6%

South Africaā€™s annual inflation rate nudged up to 4,6% in February from Januaryā€™s 4,5%, inching past the 4,5% midpoint of the South African Reserve Bankā€™s monetary policy target range. The last time the inflation rate was above the midpoint was in November 2018 when the rate was 5,2%.

mar_2020_fig1

The monthly shift in consumer prices ā€“ the change from January 2020 to February 2020 ā€“ was 1,0%. This is the highest monthly increase since February 2017 when the rate was 1,1%. A rise in food and non-alcoholic beverage prices and medical insurance fees were notable contributors to the 1,0% increase.

The annual rise in food and non-alcoholic beverages was 4,2%, higher than the 3,7% recorded in January. Annual bread and cereals inflation slowed from 6,0% in January to 4,8% in February. Annual meat inflation increased from 2,4% to 4,1%.

In February, Stats SA surveyed the prices of medical insurance, as well as the fees charged by private-sector medical practitioners and hospitals. Medical aid fees increased by 9,0% over the last year. This is higher than that recorded in 2019 (8,3%) and 2018 (8,0%), but lower than the figure recorded in 2017 (9,8%).

Doctorsā€™ fees are 5,1% more expensive than they were a year ago. Dentistsā€™ fees have increased by 4,8% and hospital fees by 3,9%.

Prices for medicines are surveyed every month. Medical products recorded an annual increase of 6,4%. Pain killers are 10,2% more expensive than they were a year ago and vitamin prices have increased by 9,1%.

 

For more information, download the latest Consumer Price Index (CPI) releaseĀ here.

1Ā Medical aid costs are classified under insurance, and the rest under health.

Similar articles are available on the Stats SA website and can be accessedĀ here.

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