What was particularly gratifying was that the main driver of inflation in 2002, food price inflation, fell steeply from an annualised rate of 18,7 per cent to only 2,4 per cent over the same period. Secondly, to the extent that the Producer Price Index is an indicator of future consumer price inflation, the prognosis for a significant decline in CPIX inflation is good.
The year-on-year all-goods PPI in March 2003 was down to 5,1 per cent, with a lot of impetus coming from the recovering exchange rate of the rand - the imported component of the CPI fell to 0,5 per cent, the lowest rate of increase since  BIS Review 23/2003  1  May 1998.