South Africa’s headline consumer inflation has slowed to 4% year-on-year for July, its lowest in seven months.
This is from 4.5% in June.
The latest figure is now below the halfway mark of the South African Reserve Bank’s target of between 3% and 6%.
Data from Stats SA showed on a month-on-month basis that prices rose 0.4% – the same as the previous month.
Core inflation – which excludes the prices of food, non-alcoholic beverages, petrol and energy – was at 4.2% year-on-year for June versus a 4.3% increase the previous month.
Reserve Bank Governor Lesetja Kganyago said at the meeting of the monetary policy committee (MPC) last month that the focus would remain on the inflation rate when deciding on interest rates.
The MPC decided to decrease the repo rate by 25 basis points following that meeting.
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