Financial News: South African Inflation Eases To 3.8%, Lowest In

South African Inflation Eases To 3.8%, Lowest In 42 Months

10/23/2024 - 04:46:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation eased more than expected in September to the lowest level in three-and-a-half years, largely on the back of cheaper transportation costs, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 3.8 percent year-on-year in September, slower than the 4.4 percent rise in August. Economists had expected inflation to ease to 3.9 percent.

This was the lowest inflation rate since March 2021, when prices had risen 3.2 percent.

Moreover, the inflation rate remained below the Reserve Bank's midpoint target of 4.5 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, held steady at 4.1 percent.

Transport charges were 1.1 percent lower compared to last year amid a 9.0 percent plunge in fuel costs. Meanwhile, the annual price growth in food and non-alcoholic beverages grew at a steady rate of 4.7 percent, and housing and utilities were 4.8 percent more expensive.

On a month-on-month basis, consumer prices edged up 0.1 percent, and core consumer prices rose by 0.3 percent.

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