Financial News: South Africa Inflation Eases To 4.6%, Lowest In

South Africa Inflation Eases To 4.6%, Lowest In 3 Years

08/21/2024 - 04:58:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation eased in July to the lowest level in three years, largely on the back of a slowdown in transportation costs, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 4.6 percent year-on-year in July versus 5.1 percent in June.

This was the lowest inflation rate since July 2021, when prices had risen the same 4.6 percent.

Moreover, 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, also softened somewhat to 4.3 percent from 4.4 percent.

Prices for food and non-alcoholic beverages alone grew 4.5 percent annually in July, slightly below the 4.6 percent seen in June. Transport charges were 4.2 percent more expensive, though slower than the 5.5 percent surge in June.

On a month-on-month basis, consumer prices moved up 0.4 percent, and core consumer prices were up by 0.3 percent.

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