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Financial News: South Africa Inflation Eases In August

South Africa Inflation Eases In August

09/30/2020 - 08:59:00 (RTTNews)

(RTTNews) - South Africa's inflation eased in August after accelerating in the previous month, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 3.1 percent year-on-year in August, after a 3.2 percent increase in July. This was in line with economists' expectation.

In June, inflation was 2.2 percent.

The main contributions to the annual inflation came from food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 3.9 percent annually in August and housing and utilities cost rose by 3.1 percent.

Prices of miscellaneous goods and services rose 6.6 percent.

On a month-on-month basis, the consumer price index increased 0.2 percent in August. This was in line with economists' expectation.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.3 percent in August. Economists had expected a 3.2 percent increase.

On a monthly basis, the core CPI rose 0.2 percent in August, in line with economists' expectation.

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