SA May CPI 5.7% y/y vs Apr 6.1%
The increase in SA's CPI is 5.7% year on year in April from 6.1% y/y in March‚ says Stats SA.
The increase in SA’s consumer price index (CPI)‚ which the Reserve Bank uses to target inflation‚ was 5.7% year on year (y/y) in April from 6.1% y/y in March‚ Statistics SA (Stats SA) said on Wednesday.
The inflation rate was expected to have come in at 6.0%‚ according to a survey of leading economists by I-Net Bridge.
Forecasts among the thirteen economists ranged from 5.8% to 6.2%.
CPI increased 0.1% month on month (m/m) in May from 0.4% in April.
The annual average consumer rate was 5.0% in 2011 from 4.3% in 2010. The Reserve Bank expected inflation to average 6.0% in 2012‚ and to moderate to a 5.5% average in 2013.
The food and non-alcoholic beverages index decreased by 0.2% between April and May‚ while the annual rate decreased to 6.6% in May from 8.7% in April.
The following components in the food and non-alcoholic beverages index decreased: fruit‚ by 2.7%); meat‚ by 1.0%; oils and fats‚ by 0.8%; vegetables‚ by 0.7%; and hot beverages‚ by 0.3%.
Cold beverages increased 1.3%); sugar‚ sweets and desserts by 1.1%; milk‚ eggs and cheese by 0.7%; fish by 0.4%; bread and cereals by 0.2%; and other food by 0.1%.
The alcoholic beverages and tobacco index increased by 0.2% between April and May‚ and the annual rate was unchanged at 7.3% in May 2012.
The housing and utilities index increased by 0.1% between the two months‚ with the annual rate remaining unchanged at 6.7% in May.
The transport index rose by 0.4% between the two months‚ mainly due to a 28c/litre increase in the price of petrol. The annual rate decreased to 6.7% in May 2012 from 6.9% in April 2012.
The provinces with an annual inflation rate lower than or equal to headline inflation were Limpopo (5.7%) and Gauteng (5.5%). The provinces with an annual inflation rate higher than headline inflation were Northern Cape (7.2%)‚ Eastern Cape (6.7%)‚ KwaZulu-Natal (6.2%)‚ Mpumalanga (6.0%)‚ Free State (5.9%)‚ North West (5.9%) and Western Cape (5.3%).