S.Africa inflation drops for second consecutive month
Updated | By AFP
The monthly inflation rate in South Africa eased again in December, dropping 0.4 percentage points to 5.1 percent as food price hikes slowed, official data showed Wednesday.
The average inflation rate for 2023 was 6.0 percent, 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 percent," the agency said.
ALSO READ: Economic outlook keeps investors wary on Nigeria
"Inflation eased below this level for the remaining seven months of the year."
The highest reading in 2023 was 7.1 percent in March, while the lowest was recorded in July at 4.7 percent.
In December the inflation rate for food and non-alcoholic beverages was 8.5 percent, down from nine percent in November. Fuel prices were also down 2.7 percent, StatsSA said.
The central bank has set a target for inflation of between three and six percent and kept its main interest rate unchanged at 8.25 percent in November.
MORE ON ECR
Show's Stories
-
Girl obsessed with her boyfriend is diagnosed with 'Love Brain'
There's being in love and then there's obsession, how do you tell the di...
Danny Guselli 1 day, 19 hours ago -
Driver crashes McLaren Senna into Lexus dealership
With great speed comes great responsibility...
Danny Guselli 2 days, 2 hours ago