South African consumer inflation picked up pace in February, accelerating year-on-year to 5.6% from 5.3% in January. One silver lining was a slowdown in food inflation, but that positive trend could reverse in the face of an El Niño-triggered drought. It all adds up to interest rates remaining elevated for the foreseeable future.

The consumer price index (CPI) data, unveiled on Wednesday by Statistics South Africa (Stats SA), underscored the fact that price pressures are still frothy - a point that the South African Reserve Bank (Sarb) has repeatedly made as it has held its repo rate steady at 8.25% and the prime lending rate at 11.75%.

Headline CPI sped up to 5.6% in February from 5.3% in January on a year-on-year basis, taking it closer to the top of the Sarb's 3%-to-6% target range.

"Product categories that drove much of the upward momentum include housing and utilities, miscellaneous goods and services (most notably insurance), food and non-alcoholic beverages (NAB) and transport," Stats SA said.

One silver lining was a braking of food inflation to 6.0% on an annual basis from 7.0% in January.

But prices for some food items remain well in double digit territory. The egg shortages are largely over in time for Easter, but the inflation shock they triggered is not.

"The lingering impact of rising egg prices continues to affect the milk, eggs and cheese category, with eggs 30.7% more expensive than a year ago," Stats SA said.

And overall food inflation could heat up again as heatwaves and...