ANNABEL BISHOP: Rand weakness a key driver of high food price inflation
About half the rise is due to the currency and the rest to rising domestic costs, particularly load-shedding
21 April 2023 - 05:00
March’s CPI inflation rate ticked up to 7.1% year on year (y/y), or 1.0% month on month (m/m), from 7.0% y/y in February. The key driver was food price inflation, which contributed just over a third (2.4% y/y) of the annual CPI inflation rate of 7.1% y/y, leaving 4.7% y/y to be made up of all the other consumer price pressures surveyed in the economy.
Upward pressure came from domestic price pressures influencing food prices at the consumer level, notably higher domestic production costs and rand weakness over the year...
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