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Stats SA notes slight rise in consumer price index

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South Africa’s consumer price index (CPI) rose slightly to 4.6% year-on-year in February compared to the 4.5% figure of January.

According to the latest figures released by Statistics South Africa (Stats SA), the country’s annual medical aid fees increase as well as food and soft drinks inflation were the biggest drivers of the slight increase in the prices.

Inflation, however, is expected to remain within the South African Reserve Bank’s targeted mid-point range of 4.5% in the coming months – due to additional lower fuel-prices as expected in April and May, the agency said.

“We have no idea what the long term impact would be of the coronavirus on the economy or inflation.

“What the February figure shows us is that inflation is well managed around 4.5% mark and we will have to see what transpires over the next months,” Stats SA chief director Patrick Kelly said.

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