Fin24 reports that consumer inflation data released by Statistics SA on Wednesday showed that February inflation slipped to 2.9% year-on-year, from 3.2% in January.
This was the lowest reading since June 2020 when the rate was 2.2%. On a month-on-month basis, consumer inflation increased by 0.7% in February. Stats SA pointed out that due to the ban on the sale of alcoholic beverages from retail outlets, restaurants, bars and hotels during January, there were no base prices available for comparison in February. Among the main contributors of year-on-year inflation were food and non-alcoholic beverages (5.2%), housing and utilities (2.6%) and miscellaneous goods and services (3.9%). The Reserve Bank's monetary policy committee is meeting this week and is due to make an interest rates announcement on Thursday.
- Read the original of the report in the above regard by Lameez Omarjee at Fin24
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