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South Africa Inflation Rises In December

South Africa's consumer price inflation rose faster than expected in December, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 5.9 percent year-on-year in December, following a 5.5 percent increase in November. Economists had expected a 5.7 percent growth.

Large price rises in the transport category, particularly fuel prices that surged over 40 percent, and increases in important food groups such as meat and oils & fats continued to drive inflation.

Prices for food and non-alcoholic beverages increased 5.5 percent annually in December and the housing and utilities cost rose by 4.2 percent.

Prices of transport, and miscellaneous goods and services grew by 4.3 percent and 16.8 percent, respectively.

On a month-on-month basis, consumer prices grew 0.6 percent in December. Economists had forecast a rise of 0.4 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.4 percent in December. Economists had expected a rise of 3.3 percent.

On a monthly basis, the core CPI rose 0.3 percent in December. Economists had expected a 0.2 percent increase.

Average consumer inflation for 2021 was 4.5 percent versus 3.3 percent in 2020.

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