South Africa Inflation Eases To 2.7%, Lowest Since June 2020

(RTTNews) - South Africa's consumer price inflation softened in March to the lowest level in more than four-and-a-half years, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 2.7 percent year-on-year in March, slower than February's 3.2 percent stable increase.

The latest inflation rate was the lowest since June 2020, when prices had risen 2.2 percent.

Moreover, the inflation rate came below the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, moderated slightly to 3.1 percent from 3.4 percent.

The annual price growth in food and non-alcoholic beverages slowed to 2.7 percent from 2.8 percent. Housing and utility costs grew at a stable rate of 4.4 percent, while the decline in transport charges deepened to 2.4 percent from 0.5 percent.

On a month-on-month basis, consumer prices moved up 0.4 percent in March.