Financial News: South Africa Inflation Eases To 40-Month Low

South Africa Inflation Eases To 40-Month Low

09/18/2024 - 05:39:00 (RTTNews)

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

The consumer price index, or CPI, climbed 4.4 percent year-on-year in August, slower than the 4.6 percent rise in July.

This was the lowest inflation rate since April 2021, when prices had risen the same 4.4 percent.

Moreover, the inflation rate just came below the Reserve Bank's midpoint target of 4.5 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, also softened to 4.1 percent from 4.3 percent.

Transport charges were 2.8 percent more expensive, though weaker than the 4.2 percent surge in July due to a slowdown in fuel costs. Similarly, the annual price growth in housing and utilities moderated to 4.8 percent from 5.3 percent.

Meanwhile, inflation based on food and non-alcoholic beverages rose to 4.7 percent from 4.5 percent, thereby ending an 8-month downward trend.

On a month-on-month basis, consumer prices edged up 0.1 percent, while core consumer prices remained flat.

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