IMPROVING LIVES THROUGH DATA ECOSYSTEMS

2014 kicked off with an acceleration in the inflation rate to 5,8% from the 5,4% recorded in December last year.  A 3% monthly increase in the petrol price was the biggest factor driving the change.  Annual petrol inflation now stands at just under 15%.

Food prices rose by 1,6% between December and January, mainly driven by price increases in unprocessed food which increased by 2,7%. Meat prices, which fell during much of 2013 but started rising again in September, shot up by a further 2% between December and January.

Beef prices increased by 3,1% and frozen chicken portions by 1,5% in January. Maize meal prices leapt by 3,3% in the month. Vegetables, the prices of which are volatile, had an annual inflation rate of 6,3% – one of the highest of the main food groups.  Potatoes (15,6%), pumpkins (12,3%) and carrots (10,5%) had especially high annual price increases.

A number of banks change their service fees in January each year. On average bank fees showed a smaller increase than this time last year: 3,4% annual increase in 2014 compared with 5,4% in 2013.

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