South Africa Inflation Eases To 3.3%

(RTTNews) - South Africa's consumer price inflation eased for the first time in five months in August, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 3.3 percent year-on-year in August, slower than the 3.5 percent rise in the prior month.

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

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, rose slightly to 3.1 percent in August from 3.0 percent in July.

Costs for food and non-alcoholic beverages alone grew 5.2 percent annually in August versus 5.7 percent in July. Costs for housing and utilities increased 4.3 percent, while transport charges were 1.4 percent less expensive.

On a month-on-month basis, consumer prices decreased 0.1 percent.