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JOHANNESBURG - South Africa's annual consumer inflation ticked up to 4.7% in December compared with 4.6% in November, the national statistics agency said on Wednesday.

Statistics South Africa said the consumer price index increased by 0.5% month-on-month in December.

This means that for 2017 the average annual consumer price inflation stayed at a 3% to 6% target band.

StatsSA has reported that the average annual consumer price inflation was at 5.3% in 2017.

This is a 1.1 percentage points lower than the corresponding average of 6.4% in 2016.

The inflation percentage for December 2016 was 4.7%, up from 4.6%. 

Housing and utilities contributed 0.1 of a percentage point in December.

Food and non-alcoholic beverages contributed 0.1 of a percentage point.

Inflation for goods increased 4.1% year-on-year for December, and the inflation for services increased by 5.3% year-on-year.


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 - BUSINESS REPORT ONLINE