Inflation edges closer to double digits

A statement by Government Statistician Annah Majelantle shows that the year-on-year inflation rate in March stood at 9.8 percent, up 0.8 percentage points from 9 percent in February.

The latest figures give weight to analysts' forecasts that the annual inflation rate is set to break the 10 percent barrier in April on the back of rising energy and food prices. According to Majelantle, five group indices recorded changes of more than 1.0 percent between February and March. These include Alcohol and Tobacco; Recreation and Culture; Housing, Water, Electricity, Gas and Other Fuels; Restaurants and Hotels and Food. "The Alcohol and Tobacco index increased by 3.3 percent, and this was due to increases in the section indices of Alcohol and Beverages and Tobacco, which rose by 3.5 percent and 2 percent respectively.