https://en.sputniknews.africa/20241120/south-africas-inflation-cools-to-lowest-in-over-four-years-1069315438.html
South Africa's Inflation Cools to Lowest in Over Four Years
South Africa's Inflation Cools to Lowest in Over Four Years
Sputnik Africa
South Africa's inflation has historically been a major economic concern, often exceeding global averages. Factors such as the country's reliance on commodity... 20.11.2024, Sputnik Africa
2024-11-20T12:54+0100
2024-11-20T12:54+0100
2024-11-20T13:01+0100
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South Africa's annual inflation rate dipped to 2.8% in October, marking its lowest level since June 2020, according to official data released by Statistics South Africa, the country's national statistical service, on Wednesday.Falling fuel prices, with government-regulated petrol and diesel prices dropping significantly, were the primary drivers of the decline from September's 3.8%.This reading is significantly below the 3%–6% target range of the South African Reserve Bank (SARB), and below the 3.1% level economists expected.The SARB is widely anticipated to announce another interest rate cut on Thursday, following a first rate reduction in over four years in September.
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economy, south africa, inflation, economic growth, southern africa
economy, south africa, inflation, economic growth, southern africa
South Africa's Inflation Cools to Lowest in Over Four Years
12:54 20.11.2024 (Updated: 13:01 20.11.2024) Muhammad Nooh Osman
Writer/Editor
South Africa's inflation has historically been a major economic concern, often exceeding global averages. Factors such as the country's reliance on commodity exports, labor market dynamics, energy costs, and the impact of global economic trends contribute to the issue.
South Africa's annual inflation rate dipped to 2.8% in October, marking its lowest level since June 2020, according to official data released by Statistics South Africa, the country's national statistical service, on Wednesday.
Falling fuel prices, with government-regulated petrol and diesel prices
dropping significantly, were the primary drivers of the decline from September's 3.8%.
"The consumer price index (CPI) increased by 2.8% in the 12 months to October 2024. This represents a sharp decline from 3.8% recorded in September. October's print is the lowest since June 2020 (during the COVID-19 pandemic), when the rate was 2.2%," Statistics South Africa's report read.
This reading is significantly below the 3%–6% target range of the South African Reserve Bank (SARB), and below the 3.1% level economists expected.
The SARB is widely anticipated to announce another
interest rate cut on Thursday, following a first rate reduction in over four years in September.
