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

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

- Advertisement -

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.

- Advertisement -

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

 

- Advertisement -

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

- Advertisement -

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.

Source:norvanreports.com

- Advertisement -

Get real time updates directly on you device, subscribe now.

- Advertisement -

- Advertisement -

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More