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Bloomberg News reports that SA’s consumer inflation rate fell slightly in June, touching a six-month low and potentially encouraging the SA Reserve Bank (SARB) to consider cutting borrowing costs later this year.
Consumer prices rose 5.1% in June from a year earlier, compared with 5.2% in the prior month. Contributing to the change was a 4.6% rise in the food and non-alcoholic beverages category, which was the slowest gain since September 2020. Transport inflation cooled to 5.5%, from 6.3% in the prior month. The data bolsters the SARB’s improved inflation outlook, which now sees prices slowing below the 4.5% midpoint of its target range in the fourth quarter. The central bank’s monetary policy committee last week voted to leave interest rates at 8.25%, but the decision was split, fanning hopes that it was becoming more open to easing. Governor Lesetja Kganyago argued there needed to be a sustained decline for officials to be confident that inflation was under control.
- Read the full original of the report in the above regard at Fin24
- Read too, Food inflation lowest in 45 months, at The Citizen
Get other news reports at the SA Labour News home page