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BL Premium reports that consumer inflation eased in July as flat food prices and slower fuel price increases outweighed pressure from a sharp jump in electricity tariffs.
Though the price of petrol rose again in August and the effect of the recent unrest coulf add a further “upward bias” to inflation, these factors are not expected to force the SA Reserve Bank (SARB) to raise interest rates in the near future. This is in line with a recent indication from SARB governor Lesetja Kganyago that the Bank was not anxious about inflation breaching its target range of between 3% and 6%. Data from Stats SA on Wednesday showed that in July consumer price inflation (CPI) eased to 4.6% year on year from June’s 4.9%. Food and nonalcoholic beverage price increases stayed steady at 6.7%, in line with June’s figure. Fuel prices increased 15.2% year on year. However, this was a sharp decline from June’s rate of 27.5%. Despite concerns around food, fuel and electricity prices, “underlying inflation remains well contained”, said Stanlib chief economist Kevin Lings.
- Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive (paywall access only)
- Read too, Slowing SA inflation may put off start of rate hikes, at Moneyweb
- And also, Inflation slows to lowest rate in months, may put off start of rate hikes, at Fin24
Get other news reports at the SA Labour News home page