Inflation Heading To Double Digits

Monday, March 31, 2008

The Consumer Price Index (CPI) for February was in line with our expectations at nine percent, up from 8.4 percent in January. Fuel prices, private school fees and private medical rates were the key drivers of the monthly increase, each recording changes of more than two percent.

Compared to last year, food inflation continues to soar, reaching a record high of 18.4 percent since the 1990s.

Prices of bread, cereals, meat, milk, cheese, oils, fats, and vegetables were among the chief drivers of the increase in food inflation.

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