Year-on-Year Inflation for March 2023 at 9.9 Percent
Annual inflation for March 2023 increased to 9.9 percent from 9.6 percent recorded in February, 2023. This means that on average, prices of goods and services increased by 9.9 percent between March 2022 and March 2023 (see Figure 3). This development was mainly attributed to an increase in prices of selected non-food items.
Figure 3: Annual Inflation Rate, Mar 2022- Mar 2023 (%)
Annual Food and Non-Food Inflation
Annual food inflation for March 2023 increased to 11.8 percent from 11.6 percent the previous month (see Figure 4). This outturn was mainly attributed to price movements in Cereals (Breakfast Mealie Meal, Roller Mealie Meal, Maize grain, Rice local); Meat (Fillet Steak, Rump Steak, Brisket, Mixed Cut, T-bone, Goat Meat); Vegetables (rape, Tomatoes, Cabbage, Sweet potatoes); Cooking oil and Eggs.
The annual non-food inflation for March 2023 increased to 7.3 percent from 6.9 percent in February 2023. This outturn was mainly attributed to increases in prices of non-food items such as Passenger transport by road and air; and Purchase of Motor cars (Toyota hilux, Nissan ALMERA 1.5 L Acenta MT, Nissan Pick (Nissan Hardbody)).
Figure 4: Annual Food and Non-Food Inflation, Mar 2022-Mar 2023 (%)