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Inflation lower in February, but hefty increases in some items on the way


Highlights _________________________________________________________________________________


  • February’s year-on-year (y/y) headline inflation rate declined to 2,9% in February from 3,2% in January.

  • Month-on-month (m/m) inflation rose by 0,7% in February compared to 0,3% in January.

  • The main drivers behind February’s monthly increase were the fuel and medical insurance categories, while meat, housing, water and electricity, new vehicles and medical insurance contributed most to the y/y increase.

  • Core inflation subsided to 2,6% y/y (3,3% in January), while it increased 0,6% m/m compared to 0,1% in January.

  • Core inflation will grow more important as an indicator to gauge the strength of second round inflation.

  • The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) will likely keep the repo rate unchanged at its next meeting and throughout 2021.

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