Government bears blame for increased inflation, says Maimane

SOUTH Africans are grappling with the report shared by Statics SA (Stats SA), revealing that inflation has risen for the first time since October.

It is reported that the annual consumer price inflation was 7% in February 2023, up from 6.9% in January 2023.

Stats SA said food, non-alcoholic beverages, and transport are listed as the main contributors to the inflation rate in February.

In response to the reports, Mmusi Maimane, the leader of the One South Africa movement (OSA), lashed out at the government, claiming that the country is on the wrong track.

"We are headed in the wrong direction under the leadership of this government. Prices for food and non-alcoholic beverages increased by 13.6% over the past 12 months. The reading in February is the highest since April 2009. Annual inflation for bread and cereals was 20.5%," said Maimane.

Prices for food and non-alcoholic beverages increased by 13.6% over the past 12 months, up from 13.4% recorded in January. The reading in February is the highest since April 2009, when it was also 13.6%.

"Annual inflation for bread and cereals was 20.5%, slightly lower than January's 21.8%. Maize meal, an important staple, continues to see high rates of inflation. Its price index increased by 2.2% between January and February, taking the annual rate to 34.7%. Notable monthly price increases were also recorded for rusks (up 6,8%), macaroni (up 4,4%), and savoury biscuits (up 4,0%).

"Meat inflation continues to accelerate, reaching 11,4% in February from 11,2% in January. This is the highest annual increase for meat since February 2018 (also 11.4%). The monthly rate, however, dropped to 0.2% from 2.6% in January.

"This was the lowest monthly increase for meat since February 2022, when there was no change,“ Stats SA said.

Prices for milk, eggs, and cheese increased by 12.3% in the 12 months to February, up from 10.9% in January. Notable annual increases were recorded for cheddar cheese (up 15,2%), feta cheese (up 14,9%), custard (up 14,9%), fresh low-fat milk (up 14,7%), and long-life full-cream milk (up 14,3%)."

"Annual inflation for the oils and fats category slowed for a sixth consecutive month, edging lower to 16.7%, the lowest reading since April 2021 (also 16.7%).

“The category 'other food' saw its annual inflation rate climb from 7.7% in June 2022 to 15.0% in February 2023. The monthly rate in February was 2.3%. Products in this category recording high monthly price increases include baby milk formula (up 7.2%), baby cereal (up 4.6%), baking powder (up 2.8%), and tomato sauce (up 2.5%),” Stats SA said.

The Star