Financial News: South Africa Inflation Eases Slightly To 6-Month Low

South Africa Inflation Eases Slightly To 6-Month Low

07/24/2024 - 04:33:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation slowed marginally to the lowest level in six months amid a slowdown in costs for food and transportation, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.1 percent year-on-year in June versus 5.2 percent in May. This was the lowest inflation rate since December last year, when prices had risen the same 5.1 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 4.4 percent from 4.6 percent.

Prices for food and non-alcoholic beverages alone grew 4.6 percent annually in June, slightly below the 4.7 percent seen in May. Transport charges were 5.5 percent more expensive, which was 6.3 percent a month ago.

On a month-on-month basis, consumer prices edged up 0.1 percent, and core consumer prices were up by 0.4 percent.

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