23.04.201405:52:00UTC+00South Africa Inflation Rises Slightly In March

South Africa's consumer price inflation rose slightly in March to hit the ceiling of the central bank's target range, the Statistics South Africa said Wednesday.

The consumer price index advanced 6.0 percent year-on-year in March, following a 5.9 percent increase in February. Economists had expected the figure to remain unchanged.

Inflation has hit the upper end of the South African Reserve Bank's target range of 3 to 6 percent.

Food and non-alcoholic beverages prices rose 7 percent annually, which was the biggest increase since August 2013, when they were 7.1 percent higher.

Food inflation accelerated almost across the board with vegetable prices surging 12.8 percent. Prices of onions and tomatoes shot up more than 20 percent.

On a monthly basis, consumer prices rose 1.3 percent in March, after a 1.1 percent increase in February. The latest monthly increase was the biggest since June 2008, when prices rose 1.4 percent, the agency said. The monthly increase has been steadily rising since a modest 0.1 percent gain in November last year, it added.

Amid the excise tax hikes in March, prices of alcoholic beverages gained 2 percent monthly and 5.8 percent from a year ago, the agency said.