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Financial News: South Africa Inflation Rises To 5.6%, Highest In

South Africa Inflation Rises To 5.6%, Highest In 4 Months

03/20/2024 - 04:44:00 (RTTNews)

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

The consumer price index, or CPI, climbed 5.6 percent year-on-year in February, faster than the 5.1 percent rise in January. The rate was expected to increase to 5.5 percent.

Nonetheless, 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, rose to 5.0 percent from 4.6 percent. The expected rate was also 4.8 percent.

The annual price growth in transport costs accelerated to 5.4 percent from 3.6 percent, which is largely attributed to the overall increase in inflation.

Prices for food and non-alcoholic beverages alone grew at a slower rate of 6.1 percent in February from last year, and those for housing and utilities increased 5.8 percent.

On a month-on-month basis, consumer prices moved up 1.0 percent versus an expected increase of 0.9 percent.

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