Petrol price gut punch for South Africa

Stats SA will publish the consumer price inflation print for February on Wednesday, 20 March, with economists anticipating an increase thanks to higher petrol prices.The official CPI print is thus expected to increase from 5.3% in January to 5.4% in February. Other economists, such as those at the Bureau for Economic Research and Nedbank have differing views.

“The petrol price increased by 3.3% in February after three consecutive months of declines, with the rise reflecting a combination of an increase in the price of Brent crude oil and a depreciation in the rand/dollar exchange rate . This pushed the yoy growth in the petrol price to around 5.5% from 3.3%.”

Hodes noted that February recorded a petrol price increase of 75c/litre, adding upward pressure to the inflation outcome, and alluded to the worse to come in March, thanks to an even bigger hike experienced this month. As things currently stand, petrol prices are lining up for another hike in April 2024, with the latest data from the Central Energy Fund pointing to an increase of around 10 cents per litre.

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