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Financial News: South Africa Inflation At 14-Month High

South Africa Inflation At 14-Month High

05/19/2021 - 06:09:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation increased to the highest level in over a year in April, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 4.4 percent year-on-year in April, following a 3.2 percent increase in March. Economists had expected a 4.3 percent rise.

The latest inflation was the highest since February last year, when prices was 4.6 percent.

The main contributions to the annual inflation came from food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 6.3 percent annually in April and housing and utilities cost rose by 2.3 percent.

Prices of miscellaneous goods and services, and transport grew by 4.0 percent and 10.6 percent, respectively.

On a month-on-month basis, consumer price grew 0.7 percent in April. Economists had expected a rise of 0.5 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.0 percent in March. Economists had forecast a 2.8 percent increase.

On a monthly basis, the core CPI increased 0.3 percent in April. Economists had forecast a rise of 0.1 percent.

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