Inflation picks up in January

South Africa’s headline consumer inflation quickened to 5.3% year on year in January from 5.1% in December, data showed on Wednesday.

Read: Inflation cools to 5.1% in December

Key contributors to the annual inflation rate included food, housing, utilities and transport, according to a Statistics South Africa report.

At its last monetary policy meeting in January, the central bank said it wanted to see a clearer disinflation trend before cutting interest rates.

Listen: Rate cuts likely sooner rather than later

The South African Reserve Bank likes to see inflation around the mid-point of its 3% to 6% target range.

Read: SA inflation hits five-month high

SA inflation breakevens tumble as rates seen on hold

Even small increases in food prices add up