ADVERTISEMENT
South Africa Inflation Rate Falls to Six-Month Low in July
South Africa Inflation Rate Falls to Six-Month Low in July
21 Aug 2019, 04:17 PM IST
(Bloomberg) -- South Africa’s annual inflation rate fell to a six-month low in July.
(Bloomberg) -- South Africa’s annual inflation rate fell to a six-month low in July.
Consumer price growth slowed to 4% from 4.5% in June, the Pretoria-based Statistics South Africa said Wednesday in an emailed statement. The median estimate of 15 economists in a Bloomberg survey was 4.3%.
Key Insights
- Inflation has remained at or below the 4.5% midpoint of the central bank’s target band every month since December, the longest such streak in more than eight years.
- The Monetary Policy Committee revised its inflation forecast for the year to 4.4% from 4.5% at its July meeting. The panel cut the benchmark interest rate by 25 basis points to 6.5%. A volatile exchange rate and potential return to economic growth in the second quarter may limit the scope for further easing in 2019.
- With consumer spending under pressure, the prices of clothing and footwear and household appliances rose less than 2% from a year before, adding to the lower inflation rate.
--With assistance from Gordon Bell, Simbarashe Gumbo and Renee Bonorchis.
To contact the reporter on this story: Prinesha Naidoo in Johannesburg at pnaidoo7@bloomberg.net
To contact the editors responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net, Rene Vollgraaff, Helen Nyambura
©2019 Bloomberg L.P.
Get live Stock market updates, Business news, Today’s latest news, Trending stories, and Videos on NDTV Profit.
ADVERTISEMENT