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BusinessLive reports that consumer inflation slowed in March with a moderation in food price increases, but economists say interest rate cuts are unlikely until inflation falls back into the Reserve Bank’s target band of 3% to 6%.
The consumer price index (CPI) rose 6.1% year-on-year after a 6.3% increase in February following the dip in food inflation. The food and nonalcoholic beverages index increased 8.7%, after rising 9.9% in February. Food inflation is moderating because the drought is dissipating and the rand is comparatively stronger. Economist Sanisha Packirisamy expects a further drop in food inflation in coming months. Improved weather conditions bode well for bread and cereal prices while the 2017 maize harvest is set to nearly double compared with 2016, which would mean lower grain prices.
- Read this report by Sunita Menon in full at BusinessLive
- Read too, Food and beverages inflation falls to lowest level in 14 months, at BusinessLive
Get other news reports at the SA Labour News home page