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Inflation slows to 6.3 percent

Economy

Johannesburg – The headline consumer price index slowed to 6.3 percent in February, down from 6.6 percent in January.

However, CPI gained 1.1 percent month-on-month in February by 1.1 percent.

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Consumers have been facing food price increases significantly higher than the rate of inflation.

Inflation was 6.8 percent in December.

The South African Reserve Bank has a targeted range for inflation of between 3 and 6 percent.

This is according to Statistics SA, which on Wednesday released the latest CPI figures.

Read also: How South Africans are dealing with inflation

Food and non alcoholic beverages contributed 1.7 percentage points to the year-on-year inflation figure, while household contents and services decreased from 0.2 of a percentage point in January to 0.1 of a percentage point in February.

Food and non-alcoholic beverages contributed 0.1 of a percentage point to February’s figure, as did health and transport, which was mostly due to an increase in the price of fuel.

BUSINESS REPORT ONLINE

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