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Consumer Price Index inflation came in at 5.9% year-on-year for December, according to figures released by StatsSA this week. Casey Delport, investment analyst at Anchor Capital, said the figure was slightly higher than Reuters consensus expectations of a 5.7% rise. He says the higher figure was driven by higher prices in the food, housing and utilities and fuel sub-sectors. “Notably, transport prices jumped by a significant 16.8% year-onyear, fuelled by rising petrol and diesel prices,” he says. “Despite slightly higher housing costs, we believe muted labour cost growth, a large output gap and weak demand-pull pressures kept core inflation (which excludes volatile food and energy prices) in check, at 3.4% year-on-year,” Delport says.

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