South Africa Inflation Rate Down to 5.4% in January
In South Africa, the inflation rate slowed to 5.4 percent in January of 2013, well below the market's expectations, mainly due to a reduction in food and transport prices.
2/20/2013 10:41:38 AM
On the year-on-year basis, the inflation rate decreased to 5.4 percent in January of 2013 from 5.7 percent recorded in December of 2012. Prices of food and non-alcoholic beverages decreased to 6.2 percent in January from 6.9 percent recorded in December. Transport prices slowed to 5.1 percent from 5.5 percent in December. Prices of miscellaneous goods and services decreased to 4.9 percent in January from 5.6 percent in December and housing and utilities prices remained unchanged at 6.0 percent.
On the month-on-month basis, the inflation rate was recorded at 0.3 percent in January of 2013 compared with 0.2 percent in December of 2012, lower than market consensus of 0.55 percent.
Prices of food and non-alcoholic beverages increased by 0.9 percent between December of 2012 and January of 2013, as the effect of a rise in the following prices: vegetables (3.0 percent), hot beverages (1.6 percent), fish (1.3 percent), other food (1.2 percent), cold beverages (1.2 percent), milk, eggs and cheese (1.0 percent), sugar, sweets and desserts (0.9 percent), bread and cereals (0.7 percent), meat (0.3 percent) and oils and fats (0.3 percent). Fruit prices decreased 1.1 percent.
Between December of 2012 and January of 2013, housing and utilities prices increased by 0.1 percent, miscellaneous goods and services prices increased by 0.5 percent mainly due to a 4.5 percent increase in financial services, and transport prices slowed to 0.2 percent as a result of a 13c/litre decrease in the price of petrol.