South Africa Inflation Rate Falls to 4.6% in July
In South Africa, inflation rate decelerated as price pressures began to reduce. Latest data showed that South Africa’s annual inflation rate fell for the second month to 4.6% in July 2024.
The rate is the softest in over three years. Inflation rate slowdown to 4.6% in July from 5.1% in the prior month and converging to the central bank’s preferred target of 4.5%.
The report showed that lower annual rates were recorded for several product groups in South Africa consumer price index bucket, most notably food & non-alcoholic beverages, transport, and housing & utilities.
Likewise, the annual core inflation rate, excluding volatile items such as food and non-alcoholic beverages, fuels and energy, eased to an over two-year low of 4.3% in July, from 4.5% in the previous month.
On a monthly basis, the South African consumer price index rose by 0.4% in July, after a 0.1% increase in the prior period. There is expectation that inflation would recede further in the coming months. # South Africa Inflation Rate Falls to 4.6% in July. #South Africa Inflation Rate Falls to 4.6% in July
