African Inflation Snapshot: March 2015

Angola’s inflation rises to 7.87 percent: Angola’s consumer inflation edged up to 7.87 percent year-on-year in March from 7.73 percent in February, according to data from the statistics office. On a month-on-month basis, prices rose 0.63 percent after a 0.76 percent increase previously.

Botswana’s CPI remains unchanged at 2.8 percent: Botswana’s consumer inflation was steady at 2.8 percent year-on-year in March from the previous month, according to data from the statistics office. Whereas inflation increased for clothing and footwear (from 7.3 to 7.5 percent); transport (from -5.5 to -4.8 percent); and miscellaneous goods and services (from 5.9 to 6.0 percent). However, this was offset by lower inflation for: food and non-alcoholic beverages (from 2.2 to 1.9 percent); alcoholic beverages and tobacco (from 7.0 to 6.6 percent); furnishing, household equipment and routine maintenance (from 6.8 to 6.3 percent); and health(from 6.4 to 6.3 percent). On a month-on-month basis, prices rose by 0.4 percent in March after falling 0.4 percent previously.

Egypt’s annual core, urban inflation rates rise: Egypt’s annual urban consumer inflation and core inflation both picked up in March for a second consecutive month. Egypt’s urban consumer inflation rose to 11.5 percent in March from 10.6 percent the previous month, the official statistics agency reported. The five-month high was driven by a rise in food and utility prices. Likewise, core annual inflation, which excludes volatile items like fruit and vegetables, also ticked up to 7.21 percent from 7.15 percent in February.

Ethiopia inflation rises to 8.5 percent: Ethiopia’s year-on-year inflation rose to 8.5 percent in March from 8.2 percent the month before, according to the Central Statistics Agency, Ethiopia. The statistical office reveals that food price inflation increased to 10.1 percent in March, up from 9.6 percent the previous month, owing to a rise in the prices of items such as cereals, vegetables and fruits. The non-food inflation rate also increased, to 6.9 percent last month from 6.8 percent in February.

Ghana’s consumer inflation rises to 16.6 pct: Ghana’s annual consumer price inflation rose marginally to 16.6 percent in March from 16.5 percent in the previous month, driven by the depreciation of the local currency, according to the Ghanaian statistics office. The key drivers for the marginal rise are mainly imported goods whose prices are affected by the exchange rate. The food inflation rose by 0.2 percentage points to 7.2 percent in March and the rate of inflation for non-food items was 23.1 percent, up from 23.0 pct the month before. Furthermore, on a monthly basis, the monthly change rate was 1.0 percent compared to 1.2 pct in February.

Kenyan inflation rises to 6.31 percent: The Kenya National Bureau of Statistics (KNBS) reported that inflation rose to 6.31 percent year-on-year in March from 5.61 percent in the previous month. On a monthly basis, the inflation rose 1.12 percent from February.  KNBS report further reveals that rising prices of vegetables, milk and other foodstuff following a spell of dry weather pushed Kenyan inflation above market expectations.

Malawi inflation reduces to 18.2 percent: The headline inflation for March 2015 stands at 18.2 percent compared to the headline inflation of 24.0 percent for the same period last year (March 2014), according to National Statistical Office of Malawi. There is a decrease of 1.5 percent from last month (February 2015). The urban and rural rates stand at 19.7 percent and 18.0 percent respectively.  Overall, food inflation stands at 17.0 percent from 19.0 percent in February 2015. Food inflation has decreased due to continuous low prices of various food items.  The decrease in non-food inflation is still emanating from mainly the effects of decline in fuel prices.

Mauritius inflation rises to 2.2 percent:  the year-on-year inflation rate for March 2015, as measured by the change in the CPI for March 2015 relative to March 2014, works out to 2.2 percent, according to the Statistics Mauritius. The statistics office further noted that the headline inflation rate for the twelve months ending March 2015 was recorded at 2.4 percent compared to 4.0% for the twelve months ending March 2014.

Morocco inflation rises to 1.6 percent: Morocco’s consumer price inflation rose to an annual 1.6 percent in March from 1.3 percent in February, the High Planning Authority reported. Food inflation was 2.1 percent from 1.8 percent the previous month. The non-food price index rose 1.2 percent. Month-on-month, the consumer price index was flat in March as food prices fell 0.4 percent.

Mozambique’s CPI slows to 3.11 percent: Mozambique’s inflation slowed to 3.11 percent year-on-year in March from 3.99 percent in February, the National Statistics Institute (reported. Most of the price rises in March were for foodstuffs – thus the price of onions rose by 2,7 per cent, of tomatoes by 2.4 per cent, of groundnuts by 2.2 per cent, and of butter beans by 1.37 per cent. But the prices of fresh and dried fish, coconuts and cabbage all fell. Together these products accounted for a fall of 0.14 percentage points in the inflation rate.

Namibia’s CPI inflation slows to 3.4 percent: Namibia’s consumer inflation sowed down to 3.4 percent year-on-year in March from 3.6 percent in the previous month before, the Namibia statistics Agency reported. The drop mainly resulted from Transport inflation which decreased to 3.7 per cent during the month under review as compared to 7.4 per cent recorded in the same period last year. On a month-on-month basis, prices rose 0.4 percent in March after contracting 0.2 percent in the previous month.

Nigeria inflation edges higher to 8.5 percent: Nigeria’s consumer inflation hit 8.5 percent year-on-year in March, up slightly from 8.4 pct in February, the national statistics office reported. Food inflation, the biggest contributor to the main consumer index was 9.4 percent in March, unchanged from the previous month, the statistics office said.

Rwanda’s inflation rises to 0.8 percent: Rwanda’s Consumer Price Index (CPI), main gauge of inflation has risen 0.8 percent year on year in March 2015, up from 0.7 percent in February 2015, according National Institute of Statistics of Rwanda. Furthermore, the statistical agency reported that Housing, water, electricity, gas and other fuels rose by 3.8 percent while Transport decreased by 3.9 percent. The report also show that the “local goods” increased by 1.2 percent on annual change and increased by 1.1 percent on a monthly basis, while prices of the “imported products” decreased by 0.1 percent on annual basis and was stable on a monthly basis.

Seychelles inflation rises to 5.8 percent: Seychelles’ year-on-year inflation rose to 5.8 percent in March from 3.7 percent in February, according to the National Bureau of Statistics. On a month-on-month basis, the inflation rate recorded at 2.5 percent.

Sudan inflation rate up to 23.2 percent: Sudan’s inflation rate was 23.2 percent in March, edging up from 23 percent in February, according to the Central Statistics Office. Prices soared in Sudan after South Sudan seceded in 2011, taking with it three-quarters of the country’s oil output, the main source of foreign currency used to support the Sudanese pound and to pay for food and other imports. Fuel subsidy cuts introduced in 2013 also pushed up inflation, but their effects have since begun to ease.

Tanzania inflation rises slightly to 4.3 percent: Tanzania’s inflation edged up for a second straight month to 4.3 percent year-on-year in March from 4.2 percent in the previous month, according to the statistics office. The statistics agency attributed the slight increase to a jump in the food and non-alcoholic beverages inflation, which increased to 5.9 percent from 4.9 percent. Items whose prices went up during the period included rice, which increased by 5 percent and vegetables, whose prices went up by 5.3 percent.

Ugandan inflation rises to 1.9 percent: The Uganda Bureau of Statistics reported that year-on-year inflation went up to 1.9 percent year-on-year in March from a revised figure of 1.6 percent a month earlier. On a monthly basis, the statistics office said overall inflation rose by 1.5 percent from a revised 0.7 percent in February. Core inflation rose to 3.7 percent from a revised 3.3 percent in February. The bureau said the rise in core inflation – which excludes food, fuel, electricity and metered water – rose after an increase of prices in firewood, clothing and cement.

Zimbabwe consumer prices down 1.2 percent: Figures from the Zimbabwe National Statistical Agency show that the annual rate of inflation for March improved slightly from -1,40 percent. This means that prices as measured by the all-items CPI decreased by an average of 1.20 percentage points between March 2014 and March 2015, The year-on-year food and non-alcoholic beverages inflation stood at -2,77 percent while non-food inflation rate was -0,44 percent. The month on month inflation rate in March 2015 was -0,03 percent, gaining 0.04 percentage points on the February 2015 rate of -0,07 percent. Furthermore, Zimstat reported that the month on month Food and non-alcoholic beverages inflation rate stood at -0,03 percent in March 2015, shedding 0.08 percentage points on the February 2015 rate of 0,05 percent while the non-food inflation rate stood at -0,03 percent, gaining 0.10 percentage points on the February rate of -0,13 percent.

Complied by Capital Markets in Africa