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Financial News: South African Inflation Eases Slightly To 5.2%

South African Inflation Eases Slightly To 5.2%

05/22/2024 - 05:40:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation softened somewhat in April to the lowest level in four months, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.2 percent year-on-year in April, after rising 5.3 percent in March. Meanwhile, economists had expected inflation to remain stable at 5.3 percent.

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 moderated to 4.6 percent from 4.9 percent.

The annual price growth in food and non-alcoholic beverages slowed to 4.7 percent from 5.1 percent.

Transport charges rose 5.3 percent from last year, slower than the 5.7 percent growth in March. Costs for miscellaneous goods and services were 7.2 percent more expensive.

On a month-on-month basis, consumer prices moved up 0.3 percent.

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