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Business Report writes that July's headline inflation rate (CPI) marked the eighth consecutive month that year-on-year consumer prices were at or below the midpoint of the target range of the SA Reserve Bank (Sarb).
This will provide further motivation for the central bank to cut interest rates next month. Statistics SA reported on Wednesday that inflation in July moderated to 4% from 4.5% in June, well below the Sarb’s target band of 3% to 6%. It attributed the slowdown to lower transport prices due to the decline in oil prices in July. Capital Economics economist John Ashbourne commented: “With inflation now near the bottom of the target range, we think that there is a brief window for another rate cut. The arguments that justified a rate cut in July are even stronger now; inflation is below the target midpoint and the economy remains very weak.” The Sarb’s Quarterly Projection Model is for headline inflation to average 4.4% this year.
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