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FX.co ★ South African Inflation Rises Slightly To 4.8%

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typeContent_19130:::2023-09-20T09:26:00

South African Inflation Rises Slightly To 4.8%

South Africa's consumer price inflation increased marginally in August after easing to a 2-year low in July, in line with expectations, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, rose 4.8 percent year-on-year in August, following a 4.7 percent increase in June.

In addition, 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 rose somewhat to 4.8 percent in August from 4.7 percent in July, as expected.

Prices for food and non-alcoholic beverages alone grew 8.0 percent in August from last year, and those for housing and utilities increased 5.5 percent.

On the other hand, transport costs dropped 0.8 percent amid a 11.7 percent plunge in fuel prices.

On a month-on-month basis, both consumer and core prices increased by 0.3 percent.

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