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Inflation in South Africa Reaches its Lowest Point in Almost a Year, Central Bank Says
Inflation in South Africa Reaches its Lowest Point in Almost a Year, Central Bank Says
Sputnik Africa
Inflation in South Africa dropped to the lowest level in almost a year in April, slowing to 6.8% from 7.1% in March.
2023-05-25T17:28+0200
2023-05-25T17:28+0200
2023-08-03T10:44+0200
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The central bank said it expected inflation to average at 6.2% this year, up 0.2 percentage points on earlier forecasts.IMoreover, in its regular statement, South Africa's central bank said its raised its main interest rate as it also revised up its inflation forecasts.The bank raised its benchmark rate by 0.5 percentage points to 8.25%, in what it said was a unanimous decision of its monetary policy committee.It was the 10th consecutive hike by the South African Reserve Bank.Governor Lesetja Kganyago said the policy aimed at increasing confidence that inflation could be reined in "sustainably over time".Yet, food prices remain obstinately high, having experienced record increases over the past 12 months.
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inflation south africa, south africa raises interest rates
inflation south africa, south africa raises interest rates
Inflation in South Africa Reaches its Lowest Point in Almost a Year, Central Bank Says
17:28 25.05.2023 (Updated: 10:44 03.08.2023) Agence France Presse (AFP)
Inflation in South Africa dropped to the lowest level in almost a year in April, slowing to 6.8% from 7.1% in March, South Africa's central bank said on Thursday.
The central bank said
it expected inflation to average at 6.2% this year, up 0.2 percentage points on earlier forecasts.
"With core goods and food higher in the near term, headline inflation for 2023 is revised up," Kganyago said in a statement. "Headline inflation for 2024 also increases to 5.1 percent."
IMoreover, in its regular statement, South Africa's central bank said its raised its main interest rate as it also revised up its inflation forecasts.
The bank raised its benchmark rate by 0.5 percentage points to 8.25%, in what it said was a unanimous decision of its monetary policy committee.
It was the 10th consecutive hike by the South African Reserve Bank.
Governor Lesetja Kganyago said the policy aimed at increasing confidence that
inflation could be reined in "sustainably over time".
South African monetary policymakers started raising rates in November 2021 and sprang their steepest hike in a decade -- 0.75 percentage points -- in July last year.
Yet, food prices remain obstinately high, having experienced
record increases over the past 12 months.
