Stats SA says that South Africa’s consumer price index has risen by 0,2% year-on-year in December.
While the CPI stood at 6,6% at the end of 2016, it now stands at 6,8%, higher than previously anticipated.
Furthermore, says Stats SA, the figure is 0,4% higher than in November last year.
The most worrying figure is the jump in average inflation between 2015 and 2016, testifying to the rough economic year that the country has endured.
The figure jumped a whopping 1,8% to an average of 6,4% last year.
Consumers can expect Stats SA’s latest ‘basket’ figures for the CPI next month, alongside January’s CPI figures.
Speaking to Eyewitness News, Nedbank economist Nusisiwe Radebe notes that while the December increase has come as a surprise, it can more or less be attributed to an increase in food prices.
“If you look at the month on month basis, meat prices actually went up 2% and we were not expecting that,” she says.