Headline inflation rose from 2.9 percent in March 2024 to 3.1 percent in April 2024, returning to the medium-term target range of 3 � 6 percent. This rate, however, remains significantly lower than the 7.9 percent observed in April 2023. The inflation increase between March and April 2024 is primarily due to higher domestic fuel prices implemented on April 18, 2024, and a rise in medical aid premiums, which contributed approximately 0.48 and 0.51 percentage points to the inflation rate, respectively.

Inflation for domestic tradeables fell from 4.3 percent to 3.7 percent over this period, driven by a broad-based slowdown in food price increases. In contrast, imported tradeables inflation rose from 2.6 percent to 3.3 percent, largely due to the hike in domestic fuel prices in April 2024. Consequently, overall tradeables inflation increased from 3 percent to 3.4 percent. Meanwhile, non-tradeables inflation slightly decreased from 2.8 percent to 2.7 percent.

The 16 percent trimmed mean inflation also rose from 2.6 percent to 2.9 percent, whereas inflation excluding administered prices dropped from 3.7 percent to 3.1 percent during the same period.