By Alexander Winning.
South Africa’s consumer inflation rose to 5.9% year on year in March from 5.7% in February, data from Statistics South Africa showed on Wednesday, slightly less than the 6.0% that analysts had forecast.
March consumer inflation was 1.0% from 0.6% in February, in line with economists’ predictions.
The March figures mean inflation remained within the central bank’s 3%-6% target range.
The South African Reserve Bank (SARB) has raised its main lending rate at each of its last three monetary policy meetings to combat price pressures.
Last month the SARB cited inflation risks linked to the war in Ukraine and said inflation was forecast to breach its target band in the second quarter.
Stats SA data on Wednesday showed core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to 3.8% year on year in March from 3.5% in February, and to 0.8% month on month from 0.5% previously.