Financial News: South Africa Inflation Eases To 5.3%

South Africa Inflation Eases To 5.3%

04/17/2024 - 04:43:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation softened somewhat in March after rising in the previous two months, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.3 percent year-on-year in March, slower than the 5.6 percent rise in February.

Nonetheless, the inflation rate remained within the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, moderated slightly to 4.9 percent from 5.0 percent.

The annual price growth in food and non-alcoholic beverages slowed to 5.1 percent from 6.1 percent, which was largely attributed to the overall slowdown in inflation.

Transport charges rose 5.3 percent from last year, and costs for housing and utilities were 5.9 percent more expensive.

On a month-on-month basis, consumer prices moved up 0.8 percent at the end of the first quarter.

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