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Financial News: South Africa Inflation At 7-Month High

South Africa Inflation At 7-Month High

02/19/2020 - 04:29:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation rose to the highest level in seven months in January, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 4.5 percent year-on-year in January, following a 4.0 percent increase in December. Economists had expected a 4.4 percent rise.

A similar rate of inflation was seen in June.

The main contributors to the inflation were food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages grew by 3.7 percent annually in January and those of housing and utilities, and transport increased by 4.7 percent and 6.4 percent, respectively.

The prices of miscellaneous goods and services rose by 5.7 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy was 3.7 percent in January.

On a month-on-month basis, the consumer price index rose 0.3 percent in January

On a monthly basis, the core CPI edged up 0.1 percent in January.

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