South Africa: Inflation ticks up in January
Consumer prices rose 0.34% in January over the previous month, picking up from the 0.17% increase recorded in December and marking the sharpest increase in prices since July 2020. Looking at the details of the release, transportation prices rose at a quicker pace in January compared to the previous month, while prices pressures for food and non-alcoholic beverages also picked up pace. In addition, prices for alcoholic beverages and tobacco also gained steam.
Inflation came in at 3.2% in January, which was up from December’s 3.1%. Annual average inflation ticked down to 3.2% in January (December: 3.3%). Lastly, core inflation was unchanged, coming in at December’s 3.3% in January.