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BL Premium reports that SA’s consumer inflation rate slowed to 4.6% in July, the lowest level in three years. The data aligns with the SA Reserve Bank’s (SARB’s) goal of stabilising inflation at its 4.5% target midpoint, and supports expectations for monetary policy easing in the coming months.
Capital Economics economist David Omojomolo noted: “The larger-than-expected decline in SA’s headline inflation rate to 4.6% year on year in July strengthens the case for the Reserve Bank to start its easing cycle, with a 25 basis-point cut to 8.00% at its next meeting in September.” The July inflation rate, down from 5.1% in June, reflects a broad slowdown in price growth across key categories including food, transportation and housing. Stats SA reported on Wednesday that food inflation eased to 4.5% from 4.6% in June, with notable price reductions in staples such as maize meal, although bread and cereal prices increased. Transport inflation also slowed to 4.2% in July from 5.5% the previous month, driven by a second consecutive drop in fuel prices. In contrast, the housing and utilities sector saw a 2.6% acceleration in July, contributing to a 5.3% annual rise. Although tariff hikes for electricity, water and property rates were lower than in previous years, electricity tariffs remained the fastest-growing, up 12.1% in 2024 so far.
- Read the full original of the report in the above regard by Nompilo Goba at BusinessLive (subscriber access only)
- Read too, Inflation cools to lowest level in three years, at Fin24 (registration required)
Get other news reports at the SA Labour News home page