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Financial News: South Africa Inflation Remains Stable At 5.2%

South Africa Inflation Remains Stable At 5.2%

06/19/2024 - 05:35:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation held steady in May after easing in the previous two months, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.2 percent year-on-year in May, the same pace as in April. That was in line with expectations.

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 remained steady at 4.6 percent.

Prices for food and non-alcoholic beverages alone grew 4.7 percent annually in May, and transport charges were 6.3 percent more expensive. Costs for utilities and housing increased by 5.8 percent.

On a month-on-month basis, consumer prices moved up 0.2 percent.

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