https://en.sputniknews.africa/20240821/south-africas-inflation-hits-three-year-low-amid-rising-unemployment-1067954548.html
South Africa's Inflation Hits Three-Year Low Amid Rising Unemployment
South Africa's Inflation Hits Three-Year Low Amid Rising Unemployment
Sputnik Africa
Inflation in South Africa refers to the rate at which the general level of prices for goods and services is rising, eroding purchasing power. The South African... 21.08.2024, Sputnik Africa
2024-08-21T18:47+0200
2024-08-21T18:47+0200
2024-08-21T18:54+0200
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The annual consumer price inflation decreased to 4.6% from 5.1% in June, according to StatsSA.This marks the lowest inflation rate since July 2021 after remaining steady in the 5-6% range for ten months.Despite the dip in inflation, South Africa faces economic challenges, including high unemployment and sluggish growth. The jobless rate rose to nearly 33.5% in the second quarter of 2024, meaning 8.4 million people were unemployed, up from 5.2 million in 2014.Food inflation slightly decreased from 4.6% in June to 4.5% in July, although bread and cereal prices increased by 5.6%. Transport inflation dropped to 4.2% from 5.5%, supported by declining fuel prices for the second consecutive month.The central bank has set an inflation target of between three and six percent and kept the main interest rate unchanged at 8.25% in July.
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south africa, southern africa, economy, cost of living, food, bank, inflation, unemployment, transportation
south africa, southern africa, economy, cost of living, food, bank, inflation, unemployment, transportation
South Africa's Inflation Hits Three-Year Low Amid Rising Unemployment
18:47 21.08.2024 (Updated: 18:54 21.08.2024) Inflation in South Africa refers to the rate at which the general level of prices for goods and services is rising, eroding purchasing power. The South African Reserve Bank aims to keep inflation within a target range of 3-6%. Factors influencing inflation include exchange rates, fuel prices, and food costs, significantly impacting the economy.
The annual consumer price inflation decreased to
4.6% from
5.1% in June,
according to StatsSA.
This marks the lowest
inflation rate since July 2021 after remaining steady in the
5-6% range for ten months.
Despite the dip in inflation, South Africa faces economic challenges, including high unemployment and sluggish growth. The jobless rate rose to nearly 33.5% in the second quarter of 2024, meaning 8.4 million people were unemployed, up from 5.2 million in 2014.
Food inflation
slightly decreased from
4.6% in June to
4.5% in July, although bread and cereal prices increased by
5.6%. Transport inflation dropped to
4.2% from
5.5%, supported by declining fuel prices for the second consecutive month.
The central bank has set an inflation target of between three and six percent and kept the main interest rate unchanged at 8.25% in July.
