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Financial News: South Africa Inflation Steady At 5.9%

South Africa Inflation Steady At 5.9%

05/18/2022 - 05:42:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation remained stable in April, after accelerating in the previous month, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 5.9 percent year-on-year in April, same as seen in March. This was in line with economists' expectation.

The main contribution came from prices of food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased 6.0 percent annually in April and the housing and utilities cost rose 4.8 percent.

Prices of transport, and miscellaneous goods and services grew 14.7 percent and 3.8 percent, respectively.

In March, inflation for goods eased to 8.5 percent, while that for services rose to 3.5 percent.

On a month-on-month basis, consumer prices rose 0.6 percent in April. This was in line with economists' expectations.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, rose to 3.9 percent in April. Economists had forecast the rate to remain unchanged at 3.8 percent.

On a monthly basis, the core CPI rose 0.4 percent in April, in line with economists' expectation.

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