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Financial News: South Africa Inflation Eases To 5.1%, Lowest In

South Africa Inflation Eases To 5.1%, Lowest In 4 Months

01/24/2024 - 05:41:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation eased for the second straight month in December to the lowest level in four months, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.1 percent year-on-year in December, slower than the 5.5 percent rise in November. The rate was expected to moderate to 5.2 percent.

In addition, 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, held steady at 4.5 percent. The expected rate was also 4.6 percent.

The annual price growth in transport costs eased notably to 2.6 percent from 4.3 percent.

Prices for food and non-alcoholic beverages alone grew 8.5 percent in December from last year, though slightly slower than the 9.0 percent surge a month ago. Housing and utilities increased 5.7 percent.

On a month-on-month basis, consumer prices remained flat in December, while prices were expected to rise by 0.1 percent.

During the year 2023, the average annual inflation was 6.0 percent, down from 6.9 percent in 2022.

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