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Food prices soar, despite lower January CPI

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Annual consumer inflation slowed for the third consecutive month, decreasing to 6.9% in January from 7.2% in December.

Statistics South Africa says a notable fall in the price of fuel was the biggest factor behind the dip in the headline rate.

It says the fuel price index declined by 10.5% between December and January, dragging its annual rate down to 13.1% from 22.8% in December.

However, Stats SA says inflation for food and non-alcoholic beverages continued to accelerate, with the annual rate climbing to 13.4% in January.

It is also the highest reading since April 2009 when the rate was 13.6%.

"Of all the product groups in the CPI basket, bread & cereals recorded the highest rate in January (21.8%). This was up from 20.6% in December and is the highest reading for this category since February 2009 (23.8%)."

Stats SA said meat inflation increased to 11.2% in January from December's 9.7%.

Annual fish inflation quickened to 13,0% from 10,4% in December.  "This is the highest annual inflation rate for fish since May 2009 when it was 14.2%."