JUST IN | Inflation cools, but red-hot food prices hit new high | Business

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Annual consumer inflation cooled to 6.9% in January, but food inflation hit the highest rate since 2009. | News24_Business

Source: Statistics SA

Bread and cereal prices were 21.8% higher than a year before. In a single month , the prices of pizzas and pies rose by 3.6%, while maize and brown bread also saw large hikes.Statistics SA reports that individually quick frozen chicken portions, which have the biggest weighting in the meat basket, rose by 2.7% in January from the previous month. Bacon prices were 19.4% more expensive than the year before, while fish prices rose 13% - the highest annual price increase since May 2009.

Inflation reached a 13-year high in July last year, hitting 7.8%. To cool inflation, the Reserve Bank has aggressively hiked interest rates. The monetary policy committee is meeting at the end of March to decide whether another hike is required.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.

 

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