Wednesday, February 28, 2024
HomeBusinessSouth Africa's inflation drops for second consecutive month

South Africa’s inflation drops for second consecutive month



The monthly inflation rate in South Africa eased again in December, dropping 0.4 percentage points to 5.1 per cent as food price hikes slowed, official data showed Wednesday.

The average inflation rate for 2023 was 6.0 per cent, 0.9 percentage points lower in 2022 and matching the upper limit of the central bank’s official target range, national statistics agency StatsSA said.

“Inflation was relatively hot in the first five months of 2023 (January–May), with the headline rate consistently above 6.0 per cent,” the agency said.

“Inflation eased below this level for the remaining seven months of the year.”

The highest reading in 2023 was 7.1 per cent in March, while the lowest was recorded in July at 4.7 per cent.

In December the inflation rate for food and non-alcoholic beverages was 8.5 per cent, down from nine per cent in November. Fuel prices were also down 2.7 per cent, StatsSA said.

The central bank has set a target for inflation of between three and six per cent and kept its main interest rate unchanged at 8.25 per cent in November.

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