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BL Premium reports that consumer inflation in August slowed for the third consecutive month, moderating to 4.4% from 4.6% in July.
According to Stats SA, which published the August inflation data on Wednesday, this was the lowest inflation print since 2021. Lower annual rates were recorded for several product groups, most notably transport (as a result of recent fuel price cuts) and housing. In contrast, inflation rates for food and nonalcoholic beverages edged higher in August. Inflation dipping below the SA Reserve Bank’s midpoint target of 4.5% earlier than expected should provide further impetus for the Bank’s Monetary Policy Committee (MPC) to lower rates at its meeting on Thursday. The Bureau for Economic Research’s (BER’s) third-quarter inflation expectations survey published last week showed that analysts, businesses and trade unions expected headline inflation to average 5.1% in 2024.
- Read the full original of the report in the above regard by Denene Erasmus at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page