South Africa’s (SA) headline consumer inflation quickened to 3.1% year on year in March from 3.0% in February statistics agency data showed on Wednesday.
The slight increase was in line with the median forecast in a Reuters poll of economists, as the effects of the United States and Israel war against Iran were only starting to filter through into prices last month.
Inflation is set to accelerate much faster in April, when domestic fuel prices surged despite the government temporarily reducing fuel levy to try to mitigate the impact of the Middle East conflict.
SA’s Central bank left its policy rate unchanged at 6.75% at a meeting in late March, saying caution was needed.
–Reuters–
